Insurance fraud set to rise due to current tough economic conditions

Impounded Car Insurance UK believe that as the current economic climate continues to squeeze away at the general public, there’s likely to be an increase in the number of consumers and households who are willing to commit insurance fraud. A survey by Equifax polled 2000 consumers, 67% of which saying that economic conditions will make people more likely to be less than truthful on an insurance application while 87%, who are most likely lying, claim that they’ve never at any point committed insurance fraud by being less than truthful on an insurance claim.

This research shows that there is a generational distinction in perceptions on what constitutes fraudulent behaviour, 19% of respondents aged between 25 and 34 years of age claiming it was slightly acceptable to over-estimate the value of goods that have been stolen or increase the cost of repairs when making an insurance claim, compared to the 7% of 55 year-olds. Half of the respondents acknowledged the consequences of fraudulent behaviour, including even just exaggerating the nature of a claim slightly, 48% of them believing that an insurance company will take legal action if a person is found to have lied on a claim, with more than half (54%) believing it would be reported to the police as fraud. 60% stated they’d expect to stop receiving cover if they’d been found to make a fraudulent claim.

The results of the survey have helped towards a paper published by Equifax that has attempted to compile what the average consumer really thinks and feels about fraud, the paper including statements made by numerous fraud specialists along with a professor of Criminology. It’s felt that not only has the poor economic conditions drawn people towards fraud, but that the economic problems themselves have changed how many consumers feel towards big business, many realising that sometimes to get the better deal, you’re best screwing over the industry that has spent your entire life screwing you. It’s become acceptable to lie in an attempt to get a better deal as many feel hard done by due to the difficult monetary conditions and economic collapse that this country has seen over the past few years.

People deciding to commit fraud, are at risk of rendering their insurance policies useless and hence run the risk of having their car impounded by the police. In such cases drivers will need to have an Impounded Car Insurance policy to release their car from the pound.

Has your car been impounded due to fraudulent activity? Visit us at www.impoundedcarinsurance.com and we can help you find a policy that will help you get your car released quickly and efficiently.

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