The world is currently in the midst of a credit crunch, which is affecting every aspect of our lives - from the food we buy to the rising costs at the petrol pumps - leaving many struggling to make ends meet.
However, some have become desperate in their attempts to keep financially sound, which have led to an increase in the numbers of car insurance fraud being reported.
Car insurance fraud has seen an increase over the past few years, which in turn leads to a reaction in the sector itself, with fraudulent insurance claims having increased by over 70 percent - according to statistic released by the Association of British Insurers. ABI statistics also showed that the cost of such claims had more than doubled compared with statistics from four years ago.
As a result, innocent and law-abiding policyholders are at risk of further financial problems as a result of the rising cost of premiums. The actions of fraudsters - including feigned theft and calculated, intentional damage - are said to be adding at least 40 to the average car insurance premium.
Many car owners are becoming increasingly frustrated at the rising cost of their premiums as a result of an increased number of accidents - the focus of which can vary from young and reckless drivers to fraudsters looking to make a pretty penny by feigning damage in order to make a claim.
However, it's not just car insurance fraud that has seen numbers rising; levels of fraudulent claims have seen an increase over the entire insurance sector.
Such cases have led to increasing costs for the sector, which in turn leads to higher premiums for those who choose to follow the rules.
Looking for cheap car insurance? Compare insurance quotes from a wide range of providers to find a car insurance policy that suits you.
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