Money News
Many people are putting their insurance cover at risk by not providing accurate information when applying for it. So says Sainsbury's Finance in just published research.
It found that 1.12 million people admit to having knowingly given false information and 12.59 million people admitting to making a 'best guess' at information when taking out insurance cover. As a result, the bank is urging people to make sure the details they provide are accurate, and if unsure as to the exact details, taking the time to check.
Whilst most insurers will demonstrate leniency if the inaccuracies are unintentional, at worst the provision of false information can make an insurance policy invalid.
Home insurance topped the dishonest list, according to the research, with 18% of people admitting to having given false information. This was followed by car insurance with 15% of people confessing to providing false information and travel and pet insurance with 12% and 4% respectively.
The research also revealed that people have different reasons for providing misinformation, although the overriding reason is that they didn't have time to check the correct information whilst in the process of providing details. This excuse is followed by the explanation that it takes too long to gather or research accurate information (8% of people), and the desire to get a cheaper premium or save money (4% of people).
The most diligent age group was seen to be the 16-24 year olds, with only 15% admitting to giving inaccurate information when trying to get a quote or buying cover.
Somewhat surprisingly the over 65s were the most likely group to admit to giving inaccurate information, with one third saying they had either knowingly given false information or made a best guess when trying to get a quote or buy cover.
Around the UK, those in Scotland are the most likely to give inaccurate information when taking out cover. The most diligent or honest group of people are to be found in the West Midlands, says the bank.
Steve Johnson, Head of Insurance at Sainsbury's Finance, makes the point that if unsure of the answer to a question when getting a quote or buying cover you should always take the time to go back and check any details. You can always phone back or gather all your personal documents together and apply online, in some cases you can retrieve online quotes and modify them later.
18 March 2008 © Moneyextra.com
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