swiftcover.com gives zero tolerance to fraudsters
Deceitful motorists can expect short shrift from car insurer swiftcover.com, which is now to review the histories of applicants for motor insurance automatically.
The insurer has estimated that 10% of applicants may not tell the whole truth, and that they are more likely to make claims, particularly of a fraudulent nature, than the 90% of honest applicants.
In addition, 60% of the dishonest applicants will not renew with swiftcover.com, preferring to hop from insurer to insurer and lying to each one in turn.
Hiding previous claims is still fraud, the insurer has stated, and costs the firm £1m a year in lost premiums whilst raising the premiums honest motorists must pay.
Counter Fraud and Compliance Manager Steve Gaywood has said that applicants who lie about their history will often find the final premium they are offered is higher than their initial quote.
Earlier this month the AA revealed that fraud is one of the major drivers of a 31% hike in motor insurance premiums.
Fraud has helped drive up premiums, so that the typical cost of comprehensive coverage now stands at £704.
Similar Posts:
- Insurers expose 2,300 fraudulent claims a week
- Fraud fuels 31% hike in car insurance premiums
- Aviva launches online motor brand
- Fraudulent claims affecting auto insurance rates in New York
- Over 50s motor claims down despite snow and ice
