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Car Insurance? How Important Is It?
from:With the rise in the number of cars on the city's roads, as
well as the number of commuters who wish the convenience of
their own vehicles, car insurance is a great way to manage
finances regarding your car, as well as preparation in the event
of damage, theft or resale of your vehicle.
However, before you take out insurance, it is important to know
what you're taking out. It is also important to be aware of
fraudulent insurers as well in making your insurance decisions;
just the same as it is important to be honest when taking out
your policy and making your claims.
Many people lie to car insurers to save on premium costs. The
most common lies are about age, address and where the car is
parked overnight. Many people also do not declare bans for
speeding or drunk driving.
Lying about personal or driving record details can lead to an
insurance policy being invalidated, said uSwitch.com, which
sponsored the survey.
The ABI estimates that the database could save insurers £20,000
a day in detecting and deterring fraudulent insurance claims.
It added that insurers could be paying out as much as £500m a
year to fraudulent claimants.
"Dishonest motor insurance claims are paid for by honest
customers, this is why insurers are determined to stamp them
out," ABI spokesman Justin Jacobs said.
"Not only will it help detect more motor fraud but it will act
as a strong deterrent, making anyone thinking of cheating on
their insurance think twice."
Motor claims inspect from Kent has been found to have undertaken
fraudulent activities on tens of thousands of accident reviews
in a recent civil case. As a result of the case, which took
three years worth of investigations by a team at Hill Dickinson,
solicitor are warning insurers against using information
provided by Adrian Mantle of Beckenham. Mr Mantle, 53, who is
said to have inspected 50 000 accident damaged vehicles over a 3
year span, used several aliases to sign off his reports.
Since this judgment he has prepared reports using other
aliases, said Peter Oakes, partner and head of fraud at Hill
Dickinson. It has not stopped his actions but we do track him
and warn our clients when it happens.
The case's outcome may curb the amount of fraudulent cases as
fraud rings will have to find a new insider if they want to sign
off fake motor claims, added Mr Oakes.
Assistant solicitor Martin Stockdale said Mr Mantle ha not been
charged criminally because the onus is on the police to
investigate if an insurance firm puts forth a criminal
complaint. There are clearly issues I think may be of
interest to the police, he said.
Mr Mantle has gone by the names Stuart King, Peter Smith, Derek
Dunk and Martin Booth the latter two being engineers who
have been used by Mr Mantle. The solicitors provided information
to the court that showed Mr Mantle had been doing an average of
seven inspections a day, often in different areas of the country.
As for both consumers and insurers alike, ailing to disclose key
information because they are bewildered by insurance industry
jargon, if in doubt, let common sense prevail and make sure that
honesty is the best policy.
About the author: Jamie Jaggernauth
Jamie is an author of several articles pertaining to Car Insurance. He is known for his expertise on the subject and on other Business and Finance
related articles.
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