Travel Insurance Fraud - 4 Reasons Why Not To Do It
In today's modern society insurance fraud is almost a daily occurrence
. How many times have you heard friends and acquaintances speak jokingly about claiming something on insurance. In most cases, fortunately, that is where the matter ends. But for some people, the seed of an idea is planted and they become increasingly tempted to see what they can get out of a travel insurance policy claim.Unfortunately, insurance companies share the same sort of popularity that applies to taxation authorities. It is the sort of social ranking that places them high on the list of fraudsters.
But there are good reasons to be extra careful about travel insurance. Let's take a look at at some of the reasons why travel insurance fraud is something to be abhorred.
It Is Illegal. To perpetrate fraud on insurance company is simply illegal. This should be enough reason to prevent anyone from even considering it. Not only do you run the risk of having to repay any ill gotten gains, but there may be also some hefty fines to pay or even a custodial sentence.
It Is Immoral. In the same way as we would treat an illegal activity, travel insurance fraud is a dishonest act which falls outside the moral sanctions of responsible society. Would you give up your respectable reputation for a few dollars? The answer is generally no.
Everyone Pays for It. Every insurance company is run on the same basis. Cover is provided against loss for all policyholders, but when there is an increase in the number and amount of claims, the cost of the premiums has to be adjusted to cater for this. This means that fraudulent claims which cost the insurance company more money are passed on to every other policyholder through higher premiums. In other words we all pay for the actions of a minority.
It Is a Special Insurance. When you think about it, most travel insurance policies are taken out by people who are travelling overseas where they will be vulnerable and possibly without any family support. In this vulnerable situation they need to rely upon the integrity and reliability of their insurer. If that insurer is the target of fraudulent claims, insurance companies may become more restrictive in the items which they will cover. This means that travellers will be left more vulnerable and will have to live without the peace of mind that travel insurance should bring.
Holiday insurance, and insurance in general, is something that our society has come to rely on over the last several hundred years. Insurance companies have become more expansive in the types of policies they are prepared to offer and this adds to the comfort which all people come to expect in a modern society.
When the actions of a few travel insurance fraudsters threaten the very nature of the peace of mind it was designed to provide, it is an action which should be unconscionable in our world.
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