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Car loans customers warned against insurance fraud
Nov 11 2008Secured Car Loans customers who are scouring the market for a new or used car for their children may take note of an imminent crackdown on a type of insurance fraud known as "fronting".
Fronting involves parents insuring a vehicle used predominantly by their son or daughter in their name as a means of obtaining a cheaper premium, and is on the increase as cash-strapped families battle against the credit crunch, according to esure car insurance.
Mike Pickard, head of risk and underwriting at esure, said that despite many people thinking fronting was a legitimate way of reducing premiums, it still constituted fraud.
"If you're deliberately trying to give your insurer the impression of a very safe set of circumstances when you know that the truth is different, you are probably fronting", he explained.
Mr Pickard added that unsecured car loans customers who were found to be using the technique could find their policy being treated as invalid by insurers.
According to swiftcover.com, the Smart Pure is the cheapest car to insure for young drivers, with the TOYOTA Aygo and RENAULT Clio also featuring in the top ten for low-cost cover.
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