What’s the latest trend in insurance fraud? Pet insurance fraud! Which according to experts, has quadrupled over the past year making it the fastest-growing type of insurance crime.
Some fraudsters make false claims for medical procedures pets didn’t need or that cost more than they should have. Others get one pet treated on a policy bought for a different animal.
Unscrupulous people are also faking accidents to cover up pre-existing conditions. Some take out insurance on pets that don’t exist then claim that the animal was lost or stolen. And others fake disappearances – by hiding, selling, or even killing animals – because some pet policies include life insurance.
So, why is pet insurance a prime target for fraud? Because veterinary records are notoriously hard to verify. And in some cases, dishonest vets are helping owners defraud insurance companies.
Aside from being illegal – and causing injury and death to innocent animals – the practice is hurting all pet owners. Because as more people get fraudulent insurance payouts, prices for insurance policies for all pets will keep going up.