Pet insurance fraud has almost quadrupled in the space of a year, with some owners even killing their animals to get payouts.
First it was spurious claims for whiplash and other injuries, then it was crash for cash. Now a new type of fraud is affecting the insurance industry - pet scams.
Dishonest claims on animal policies almost quadrupled last year, making it the fasting growing area of insurance crime.
Figures from the Association of British Insurers show there was ã1,929,900 worth of pet insurance fraud detected last year ââ¬â up from just ã420,000 in 2009.
However, the true scale, is thought to be far higher and pushing up the average ã220 premium. A total of 2.3 million cats and dogs were insured last year and virtually every type of animal can be covered.
The Association of British Insurers is arranging a shared database of information about insured animals to detect fraud.
Insurers believe frauds include owners getting rid of the animal - by selling it or even killing it - then claiming a payout for early death. The animal may never have existed in the first place.
Full article: http://www.telegraph.co.uk/family/p...ling-their-pets-to-get-insurance-payouts.html
First it was spurious claims for whiplash and other injuries, then it was crash for cash. Now a new type of fraud is affecting the insurance industry - pet scams.
Dishonest claims on animal policies almost quadrupled last year, making it the fasting growing area of insurance crime.
Figures from the Association of British Insurers show there was ã1,929,900 worth of pet insurance fraud detected last year ââ¬â up from just ã420,000 in 2009.
However, the true scale, is thought to be far higher and pushing up the average ã220 premium. A total of 2.3 million cats and dogs were insured last year and virtually every type of animal can be covered.
The Association of British Insurers is arranging a shared database of information about insured animals to detect fraud.
Insurers believe frauds include owners getting rid of the animal - by selling it or even killing it - then claiming a payout for early death. The animal may never have existed in the first place.
Full article: http://www.telegraph.co.uk/family/p...ling-their-pets-to-get-insurance-payouts.html
