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Consumers warned not to lie on insurance claims
28 May 2008
People are being strongly advised not to lie on their insurance claims as it can have negative consequences.
According to the Insurance Fraud Bureau, false insurance claims cost the industry over £1.5 billion per year and add around five per cent to the average insurance premium.
David Kuo, head of personal finance at Fool.co.uk, said: "If you do get found out then not only will you not get the claims processed but there is also a danger that your premiums may go up as a result of this."
As well as the risk of higher premiums, people who lie on their claims could have their insurance policy cancelled completely.
"If you lie on a claims form what will happen is you could find that the insurance then becomes null and void," said Mr Kuo.
Research by the Association of British Insurers revealed that 11 per cent of UK adults had committed insurance fraud in the last year.
