Thousands of motorists are falling victim to a potentially lethal ‘cash for crash’ insurance scam. It involves criminals deliberately staging road accidents, usually by slamming on their brakes so an innocent driver behind has no chance of avoiding a collision. The fraudster then claims against the other driver’s insurance company for damage and injuries such as whiplash. Police have warned drivers to be vigilant as the practice - often part of a well-organised criminal network - spreads at an alarming rate and puts lives at risk. Experts say it is costing the insurance industry at least £200m a year.
Archive for the ‘Insurance’ Category
Fraudsters who stage accidents
Monday, August 11th, 2008Insurance reminder for Landlords
Wednesday, February 20th, 2008Landlords are being reminded to value their properties accurately for insurance purposes. Around 2.76 million properties are owned by landlords across the UK. They are currently valued at approximately £641 billion, up from £571 billion this time last year. It is recommended that portfolios should be reassessed every two years to avoid the risk of underinsurance. Meanwhile Halifax General Insurance is reminding all property owners of the scale of storm damage experienced across Britain last year. Over 1.5 million homes had their roofs damaged by high winds and the value of claims resulting from water entering properties from a hole in the roof totalled £2.5 billion. Storm damage appears to be on the increase in the UK and Martyn Foulds, senior claims manager at Halifax Home Insurance, warns: “homeowners without adequate buildings insurance cover risk finding a huge hole blown in their finances by the cost of repairs”.
Franky on Finance is proudly powered by
WordPress
Entries (RSS)
and Comments (RSS).