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Insurance fraud 'is a stupid move'
Making a fraudulent insurance claim is a bad idea, an industry expert has commented.
According to David Kuo, head of personal finance at Fool.co.uk, cover companies are now better equipped to discover when a customer is making an illegal claim. Making a fraudulent insurance claim is a bad idea, an industry expert has commented.
This comes as recent research from the Association of British Insurers revealed that there have been more than one million claims made in the last year which involved opportunistic fraud.
And the consumer body added that 11 per cent of Britons committed the crime at some point in the 12 months between March 2006 and March 2007.
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This means that a number of car, van and bike insurance policy claims made during this period could have been against the law.
Mr Kuo said: "These days the insurance companies are very shrewd and they can detect when somebody is being true on their claims forms."
This comes after recent research conducted by consumer site Fool.co.uk found that there are one in three people with an insurance policy in the UK who do not know exactly what it entitles them to.
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