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Motor Trade Insurance Frauds - On The Increase
If you are in the motor trade business then it is your responsibility to make sure that the business is adequately protected through motor trade insurance cover. If this is not done, then any damage to your vehicle while plying your business would have to be rectified by you spending money out of your pocket unless you want to be one of those who tries to cheat the system and makes a fraudulent claim. That is surely not an alternative that you would want to even consider.
Indeed, such frauds are on the increase and are of worry to the insurance companies. The modus operandi is to effect a collision at the rear by the insured person and claim the money through the motor trade policy. The other kind of fraud is to blatantly increase the claim amount by showing damage that is exaggerated.
The reason such frauds are on the increase is due to the fact that the motor trade insurance policy covers repair as well as replacement of any parts and provides funds to rectify any damage caused to the body of the vehicle as well. This tempts the policy owners to collect money through the claim for damage that has not happened or is exaggerated so that they can pocket the excess cash.
Many cases have come to light of late wherein the policy owners have even wantonly caused extensive damage to the vehicles under coverage. People have even gone to the extent of burning the vehicle or have intentionally submerged the vehicle under water in order to create damage that can later be claimed through the insurance policy.
One more destructive methodology used to create damage to the vehicle is to drive recklessly or park the vehicle such that it is dashed by an oncoming vehicle and the entire accident is made to look as if the other driver caused it. The people involved of course are too crazy to comprehend that they are endangering their lives and that of the others through such fraudulent acts.
Insurance companies have been forced to raise the premiums due to the high number of claims that they have had to settle and this is really causing consternation amongst the average car and business owner who is having to shell out excess money due to somebody else's fraudulent behaviour.
Though these kinds of frauds are not new and insurance companies do their due diligence before paying, some of them appear so genuine that they are left with no option but to pay. They do reject a lot of claims but some of them invariably get through and the company can do nothing about them.
You have to remember that once you are caught trying to defraud the system, it will take a lot of effort, money and time to get you out and besides the huge penalties; your image will take a beating. It is therefore better to take the right kind of motor trade insurance and enjoy peace of mind.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including motor trade insurance. Find out more by visiting his website, at http://www.dna-insurance.com/
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