Thursday, November 18, 2010

Fraudsters one of the major reasons for rising car premiums

The car insurance owners and companies are facing a tough time with the premium rates. This is because of the rising number of fake personal injury claims being made. The past 12 months have witnessed almost 40% rise in the premium rates and this number can shoot up if the fraud claims continue.

There has been a rise in the number of people making tall claims for the personal injuries caused during accident. Even the number of companies willing to settle such issues have increased.

As per a survey conducted by MoneySupermarket on 3,013 people, there are high changes of people lying in order to get their insurance claim. They even raise the amount of damage massively and with the help of injury lawyers are successful in getting them too. Out of the total people surveyed one third admitted that they would do such a thing in order to get the claim amount. This gives a clear picture of how much the drivers are ready to cheat. Thus, fraud cases are one of the major reasons why the premiums are rising.

People cause accidents knowingly and boost about damages that did not even happen. The personal injury claims are also high and fake. People are taking the personal injury claims for granted and using it in the wrong way. There are proofs that are required to prove the genuineness of the claims and the damages caused but the fraudsters know to manipulate them well too.

Curbing the fraud claims and making the rules stricter will help in reducing the amount that is being paid out and yet not reaching the ones who genuinely need it. If this number is decreased it will largely effect the premium charges and be of great relief to the policy holders.

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1 comment:

  1. Thanks for your post. I’ve been thinking about writing a very comparable post over the last couple of weeks, I’ll probably keep it short and sweet and link to this instead if thats cool. Thanks. not responsible for accidents or injuries form

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