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Insurance premium rise is down to fraudulent accidents and bogus claims
Insurance experts have claimed that hidden fraud and cons known as crash for cash'
incidents have been the major factor behind a record rise in UK premiums for law-abiding motorists. This has been coupled with an increase in costs from personal injury claims, many of which are embellished or bogus.The Association of British Insurers (ABI) reported that the estimated cost of fraud in home and motor insurance increased by 1.9 billion a year, costing the average household 44 more in premiums annually.
Official government figures revealed that there had been a dramatic drop in the number of road accidents and vehicle crime from 2009 to 2010. Vehicle crime fell by 16 per cent in England Wales during this time, with insurance experts warning the statistics were not showing an unseen rise in fraudulent claims or accidents.
A survey published in 2009, revealed that nearly one million motorists in the UK had considered staging a road collision in a bid to raise money because of the recession.
One insurance expert said, "The crime figures suggested crime levels were falling but crucially it missed a new 21st Century wave of fraud, such as providing false information and claiming for non-existent personal injuries, which just isn't being picked up. It is now much easier to get an insurance quote online, for example, comparison sites can enable dishonest individuals to manipulate information to get a lower premium. Insurers are increasingly charging higher prices to these people to cover the increased fraud risk."
The cost of comprehensive car insurance rose by more than 12 per cent between April and June 2010 in the UK, with further rises expected.
Car owners will view this as another blow to their pockets, especially as the British government plans to increase tax on insurance premiums. Even the cheapest quotes for comprehensive cover rose to 704, an increase of 11.5 per cent during April and June, compared with the previous quarter of 2010.
Premiums for third party insurance, popular with younger motorists, rose by almost 16 per cent to an average 1,225.
Insurance premium rise is down to fraudulent accidents and bogus claims
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