Insurance fraud is on the increase says the ABI

Insurance fraud is on the increase and is costing the UK in the region of £1.9 billion every year, says the ABI.

The ABI has revealed that a large majority are bogus claims and that motorists are trying to cheat the insurance company out of millions of pounds. However, over 730 million pounds worth of claims have been rejected last year due to them being suspect.

The ABI revealed that there was an increase in the number of motorists lying on insurance quotes to try and obtain cheaper insurance cover.

The problem is that honest motorists will have to pay the price for these insurance fraudsters.

Insurers are now paying closer inspection of their insurance applications in the attempt to cut down on false claims and incorrect personal data.

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