Insurance-claim fraud is often seen as an easy way to make a bit of money without hurting anyone. Yet the idea that fraud is a victimless crime is completely false.
First, false insurance claims are illegal. They can impact on your life and career, making it near-impossible to buy insurance in the future and can lead to a criminal record.
Everyone Suffers - Committing fraud hurts everyone: yourself (if you're caught), your family, your friends, people in the area and the UK as a whole. Insurers have to spend longer tackling fraud, premiums go up, and everyone loses out.
Claiming for an already lost/stolen/damaged bicycle.
Essentially what this means is that someone looks to start a new insurance policy even though the claim has already occurred.
This is Insurance Fraud and we're fighting the head-on and with huge success. We're all working together as an industry to share data and stamp this out, entirely. Those caught will end up being prosecuted which could result in a criminal conviction.
Claiming for a bicycle that doesn't exist.
There are some devious souls out there, the sort that pretend they have a bicycle, incept an insurance policy and then attempt to claim for it, despite the fact it never existed! This is one of the reasons we ask for a picture of your bicycle within 14 days of you activating your policy as it helps us deter and detect this type of fraud. Those caught will end up being prosecuted which could result in a criminal conviction.
In our fight against fraud we work closely with the National Crime Agency, the Insurance Fraud Bureau and the Met Police. If we ever suspect fraud we'll share the details and seek prosecution.
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