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The practice of including falsehoods in insurance claims applications to increase remuneration following theft or damage has been described as a "false economy" by Fool.co.uk.
According to the independent financial advisor, while some people may get away with individual inflated claims, this has a filtered effect on the insurance industry as a whole and will result in an overall increase in the cost of car and home insurance premiums.
"The company may pay out the claim but eventually it will impact on everybody else’s premiums so really it is a false economy," said David Kuo, head of personal finance at Fool.co.uk.
He added that while people assume it is a victimless crime, in actuality people throughout the neighbourhood will end up with an increased premium the following year to cover the cost of false claims.
A recent Royal Sun Alliance survey found that 1.2 million Britons thought that there was nothing wrong with lying on an insurance claim, while 56 per cent of people thought that it was "unlikely" that anyone committing insurance fraud would be caught.
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