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Why cutting corners on car insurance will end up costing you more

20 August 2015 By Digital Curator Leave a Comment

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Image via Flickr user Canned Muffins

Insurers are uncovering around 4,000 fraudulent motor insurance applications every week, says trade body the Association of British Insurers (ABI).

The ABI says there were 212,000 attempted dodgy car insurance applications found in 2014, up by nearly a fifth (18%) on 2013. And it’s warning that lying on your car insurance application can lead to big trouble later on, as can relying on dodgy brokers who don’t actually insure you.

The biggest lies people tell

Failing to declare unspent motoring convictions or claims and giving a false address at a postcode in a lower risk area were common tricks that insurers exposed.

Parents insuring a car in their name which is mainly driven by their son or daughter, known as ‘fronting’, is also a regular issue. Even though it’s often well-intentioned, fronting can get you and your child in serious trouble, particularly if you ever have to make a claim.

As it’s considered as fraud, you’ll get a criminal record, not to mention an extremely hard time getting a decent car insurance quote in future.

Ghost broking

The ABI also warned motorists not to be duped by ‘ghost’ brokers, who may tempt you with the promises of much cheaper insurance.

‘Ghost broking’ scams involve illegal insurance advisers selling bogus motor insurance policies. This leaves innocent motorists driving illegally without motor insurance, facing prosecution and having their vehicle seized and crushed.

Fraudsters may buy policies from legitimate insurers using false information. They’ll then doctor them and sell them on to customers to make them look authentic.

See Full Story on home.bt.com

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Filed Under: Industry Tagged With: car insurance, cutting corners on car insurance, insurance cost

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