Some people have found a new way to conduct insurance scam-through their pets! In fact, statistics demonstrate that insurance fraud related to pets has more than quadrupled and some pet owners have resorted to all sorts of barbaric acts in order to make a few bucks from their pets. Pet scams have increased from an estimated value of £420,000 in 2009 to almost £1,929,900 last year according to figures reported by the Association of British Insurers.
The most sickening fact about pet scam is the atrocities that owners have put their pets through, some even going to the extent of killing them
Insurers explain that fraudsters have resorted to all sorts of means in order to get rid of their animals and eventually claim insurance-selling it, killing it and then reporting the disappearance of the animal since some insurance policies also offer a cover for lost pets. At the same time, some unscrupulous pet owners have set up their pets in fake accidents in order to cover up for previous bruises and injuries which are not covered by their policy in order to be eligible for insurance payouts.
Experts have it that the reason why pet scam is gaining in momentum is primarily because veterinary records for animals are difficult to trace. Insurers also strongly believe that some vets are also involved in such scams by helping owners claim more expensive treatments for their pets when either they don’t need any treatment at all or can use cheaper treatment. The biggest hurdle facing insurers is the fact such claims and doubts are difficult to prove, although they estimate that unfounded insurance claims have increased by 440% since 2008.