31, August 2015: It’s that busy and long-awaited time of the year when huge numbers of people are going on or planning their summer holidays. Sensibly, many travellers will be buying cheap family travel insurance to ensure they are financially protected should anything go wrong when they are away.Experts in the industry have always cautioned travellers to ensure they are fully protected while heading abroad for even a short break, but a study has revealed some interesting facts about the amount of fraud being conducted in this area.
False Claims from Young Travellers
Authorities stress that anyone who is tempted to make a false claim on an insurance policy when they return homeshould be aware that doing so is a criminal offence. Disturbingly, new research shows that it is younger travellers who are the most likely demographic to make false claims on their return. Results have been released from a new study conducted bycomparison website gocompare.com, confirmingthis.
Overall, the study found that the 18-34 age group was the most likely to have made a false claim, with 17% of 18-to-24 year olds and 12% of 25-to-34 year olds admitting they had made a false claim in the past – trying to gain an extra £370 each out of their claims.
It’s not just the young, of course, and the same study also found that 5% of total Britons had made up or exaggerated claims in the past after going on holiday, with the average amount being £298.
The Knock-on Effect
While there are stillcheap family travel insurancepackages available, experts say part of the costof the policies is actually directly attributable to payingthe coverthe fraud carried outin the industry. Naturally, the companies need to pass on their loss costs in their premiums, so the honest customers are paying for the actions of the dishonest minority.
As well as being a criminal offence, experts say that anyone caught making a false claim may find it harder to get cover in the future, which includes cheap family travel insurance, home insurance and car insurance. They may also find it harder to make claims in the future, and their credit rating may even be affected.
With the results of the study showing that young people are still trying their luck for a quick dishonest claim, experts in the industry are again stressing the seriousness of submitting a false claim.
Insuremore provide a range of low-cost travel insurance policies for the B2C market, including single-trip, multi-trip and family insurance. Contact them at http://insuremore.co.uk/
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