UK Vehicle Insurance – Exaggerated & Invented Claims on the Increase
Fraudulent car insurance premiums have been blamed as the #1 reason for UK vehicle insurance premiums to significantly increase. The quarterly AA Insurance Premium Index due for release next month is expected to reveal a 15% increase in car insurance quotes in just 12 months.
The dawn of the New Year saw average UK car insurance policies reach four figures for the first time, and it is thought that this is only going to rise until something is done to tackle the fraudulent claims issue.
AA spokesman, Ian Crowder, said: "The recession has led to more people making claims. When times are hard people fall to less honest methods to meet their bills."
It is not only the consumers who are guilty of abusing the system. Aggressive, money-hungry personal injury claims lawyers continue to find loopholes and encourage exaggerated claims in order to secure a bigger slice of the compensation cake. The AA predicts that £66 of every car insurance policy is made up of funding potential personal injury claims.
UK vehicle insurance on the whole has been affected as well as combined home and contents insurance which has also climbed a worrying 9.2%.
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