Travel Insurance Fraud - 10 Things You Should Know

Contemplating committing fraud is a serious matter, but many people simply don't realise that when they overstate a traveling coverage claim they are actually committing fraud. While falsifying or exaggerating a traveling coverage claim may look like a harmless 'white lie', traveling coverage fraud is a crime.

While it may be alluring to embroider losses, this could take to serious repercussions. There are now many companies offering cheap traveling coverage with good quality cover, so that trying to do back or warrant the money lost on fresh coverage over a figure of vacations doesn't have got got to be an issue.

Here are 10 facts everyone should be aware of when claiming money back on their traveling insurance.

1) The job of traveling coverage fraud is immense in the United Kingdom - 750,000 Britons do false claims on their traveling coverage by either falsifying losings or exaggerating how much they have lost.

2) Travel coverage fraud is so common that records from insurance companies demo that Britons lose more than Joe Louis Vuitton baggage abroad than is ever actually sold in the UK! However, as a consequence of this sort of discovery, many coverage companies are now tightening up their fraud sensing methods.

3) Many travelers overstate or distort their traveling coverage claims - as many as five per cent of traveling coverage claimants add other points to their reported losings as a manner of getting a higher coverage payout and 11 per cent confess to increasing the value of their traveling coverage claim.

4) Many traveling coverage frauds affect falsified or doctored receipts, which are normally required by coverage companies as cogent evidence of the value of medical costs or lost or purloined goods.

5) The job of traveling coverage fraud impacts all traveling coverage policyholders, because the other costs incurred in paying out on false traveling coverage claims consequences in higher insurance premiums on otherwise inexpensive traveling insurance policies to cover those costs.

6) For those that are caught making a false traveling insurance claim, the penalty can be severe. Not only will they lose the money they have got got claimed for, they could also confront additional fiscal punishments for their actions.

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

8) Eighteen per cent of those who perpetrate traveling coverage fraud warrant their behavior by saying they are owed the money because they have not claimed traveling coverage before.

9) Ten per cent of those who perpetrate traveling coverage fraud take the mental attitude that it's okay, because everyone makes it.

10) The bulk of traveling coverage claims are genuine.

Whilst claiming supernumeraries on your traveling coverage may be tempting, it's always better to put in good quality, inexpensive traveling insurance, which won't go forth a awful aftertaste or the possible desire to do back losings with a false traveling coverage claim.