Better to avoid than to be sorry!

Contemplating committing fraud is a serious matter, but many people simply don’t realise that when they exaggerate a travel insurance claim they are actually committing fraud!

Here are some interesting facts on fraudulent travel insurance claims :

1.  Travel insurance fraud is so common that records from insurers show that Britons lose more Louis Vuitton luggage abroad than is ever actually sold in the UK!

2.  Many travellers exaggerate their claims – as many as five per cent of claimants add extra items to their reported losses as a way of getting a higher insurance payout and 11 per cent confess to increasing the value of their claim.

3.  Many fraudulent claims involve doctored receipts, which are normally required by insurers as proof of the value of medical costs or lost or stolen goods.

4. The problem of travel insurance fraud affects all travel insurance policyholders, because the extra costs incurred in paying out on false claims will eventually result in higher premiums on otherwise cheap policies to cover those costs.

5. The punishment can  be severe for those caught falsifying travel insurance. Not only will they lose the money they have claimed for, they could also face further financial penalties.

6 . 18 to 29 year-olds are by far the worst offenders, with 33 per cent admitting to lying when claiming on their travel insurance, compared with just seven per cent of over 50s.

7. Eighteen per cent of those who commit travel insurance fraud pleads  innocence by saying they deserve the money because they have not claimed their losses before.

8.  Ten per cent of those who commit travel insurance fraud justify their behaviour because a lot of other people are doing it.

In the end of the day it’s always better to invest in good quality, cheap travel insurance, which won’t leave potential temptation to make back losses with a false claim.

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