LONDON – A study amongst 1,500[i] drivers has uncovered how far some are willing to stretch the truth to obtain a cheaper insurance quote or to get an insurance claim settled. The study by LexisNexis Risk Solutions, the data and analytics provider to the insurance sector, has demonstrated both the scale of dissatisfaction amongst drivers about the cost of motor insurance premiums and a lack of understanding of the risk of providing false information. In some cases, deliberately providing inaccurate information could result in insurance cover being cancelled or a claim not being paid which may harm a driver’s ability to secure insurance cover in the future.
Fibs and the occasional whoppers some motorists think are acceptable:
Martyn Mathews, Senior Director of Motor Insurance, U.K. and Ireland, at LexisNexis Risk Solutions, said, “Honesty is always the best policy. Drivers risk their policy being cancelled and any claims refused if they are found to be less than truthful with their insurer. Not only does this leave them at risk of funding their own repairs in the event of damage to the vehicle, but it could also make it difficult for them to obtain insurance from any other provider in future.
“Younger drivers tend to pay the highest premiums because they are proven to be the riskiest so it’s easy to see why this age group are more likely to stretch the truth than older drivers. Our research does suggest an urgent need for much more awareness and education of the risks of supplying inaccurate information to their insurance provider.
“In most cases, drivers providing false information do so without realising the potential consequences. As an industry, we need to do more to help consumers understand the value of cover and the importance of providing full and accurate information to their insurance provider.”
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.