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Over Four Million Brits Consider Fraudulent Home Insurance Claims


News provided by

moneysupermarket.com

01 May, 2012, 16:00 GMT

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CHESTER, England, May 1, 2012 /PRNewswire/ --

  • Making fraudulent claims could lead to prosecution and leave you uninsurable

One in 10 recession-struck Brits admit they would consider making a false home insurance claim, according to research from MoneySupermarket.com.[1]

Britain's number one comparison site found 4.3 million people with home insurance, (11 per cent), are willing to consider making a false claim on their home insurance. Of these people, four per cent (or 1.5 million) admit they'd consider making a false claim - or had already done so - regardless of the economic climate. Worryingly, almost 780,000 people have already defrauded their home insurer by successfully making a false insurance claim in the last five years.

Peter Harrison, insurance expert at MoneySupermarket, said: "It's extremely concerning to discover so many people are contemplating making a false or exaggerated claim on their home insurance. With recent news the UK has slipped into a double-dip recession, household finances will undoubtedly be stretched, but no matter how tempting, fabricating a claim for a payout is illegal, and you could face being prosecuted as a result."

Insurance companies take fraud very seriously, no matter how big or small the amount being claimed for. If insurers are suspicious of a claim's validity it will be investigated with specialist detection processes and anti-fraud technology. Anyone caught and found guilty of insurance fraud would find it extremely difficult to get insurance cover in the future. Previous convictions for insurance fraud must be disclosed on application forms for any type of insurance. Insurance premiums will be much more expensive for someone guilty of making a false claim, and in some cases insurers may not be willing to offer cover at all.

Peter Harrison continued: "Perhaps people feel their dishonesty only impacts the insurer but this couldn't be further from the truth. Insurance fraud increases the cost of premiums for honest consumers as insurers look to re-coup the money paid out on false claims. There is also the risk of someone with a conviction for insurance fraud being unable to get insurance cover in the future. For a homeowner, being declined buildings insurance would go against the terms of your mortgage, and for a driver, not having valid car insurance would leave them unable to take to the road as it's illegal to drive without valid insurance. The repercussions of making a fraudulent insurance claim are severe and I urge consumer not to take the risk."

When it comes to fraudulent home insurance claims, there is a North-South divide with people in the North East (15 per cent) and North West (14 per cent) most likely to make a false claim. However, residents in the South East were the least likely to make a claim, with only eight per cent stating they'd be prepared to do so.

In addition, males are more likely to make a fraudulent claim (14 per cent) compared to females (eight per cent). Those under the age of 35 are more likely to act dishonestly, with 21 per cent making, or likely to make, a false claim compared to just 10 per cent of over 45's.

Notes to editors:

[1] Opinium Research carried out an online survey of 2,298 British adults, from 20th-23rd April 2012. Results have been weighted to nationally representative criteria. http://www.opiniumresearch.com.
The latest UK population projection figure is 49,969,000 adults aged 18+
78% of respondents have home insurance = 38,975,820 people
11 per cent of 38,975,820 people with home insurance is 4,287,340 or nearly 4.3 million
4 per cent of 38,975,820 people with home insurance is 1,559,032 or 1.5 million
2 per cent of 38,975,820 people with home insurance is 779,516

MoneySupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 29th March 2012)

  • 98 car insurance providers and 81 home insurance providers
  • 11 broadband providers and 18 energy providers   
  • 31 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 28 credit card providers
  • 67 savings providers and 37 current account providers.
  • Over 1,750,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

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If you need further help or support, you can contact our sales advisors or customer services agents.

For further information, please contact: 

Nicki Parry
PR Officer
+44(0)1244-370318
nicki.parry@moneysupermarket.com

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