Nearly 1 out of 3 Britons enter incorrect details into motor insurance price comparison websites, according to a May study from Consumer Intelligence (CI), further highlighting how those websites are unable to provide bespoke and comprehensive cover.
In fact, CI’s research revealed that in 80 per cent of all instances, the premium quotes for respondents who completed them honestly were cheaper than those who invented details. Specifically, on average, honest respondents were offered premiums that were £126 cheaper than their dishonest peers.
In addition to higher premiums, there are potential legal consequences to providing fake information. If you are involved in an accident and your insurer discovers that you provided incorrect information when you bought your policy, your cover could be invalidated. This would require you to inform all potential future insurers that your cover had been cancelled, which would make it more expensive—the very outcome that you were trying to avoid.
Therefore, be as honest and as accurate as possible when applying for insurance, and steer clear of price comparison websites to avoid purchasing ineffective cover in exchange for a low price. For more information on how you can save on your motor insurance policy, contact Bond Lovis Insurance Brokers today.