Over a million ‘lie’ to insurers

Over a million people have knowingly given false information to insurers, new research suggests, meaning that their policies could be invalidated.

An even greater proportion admit to guessing at certain details because they do not have the time to find out the necessary information, according to research from Sainsbury’s Bank.

Extrapolating the results of the survey to the population at large, Sainsbury’s Bank’s findings suggest that 1.12 million people have deliberately lied on insurance forms and 12.59 million have estimated figures.

Home insurance was the area provoking the greatest levels of dishonesty, with 18 per cent of respondents admitting to lying. Car insurance was second, with 15 per cent.

Nevertheless, it was those guessing at crucial figures that caused Steve Johnson, head of Insurance at Sainsbury’s Finance, greatest concern.

“It really is quite concerning that so many people seem to think it doesn’t matter if they take a guess at the information requested at the point of taking out cover. Although it may seem like a good idea in an effort to save time, it could become a real headache later when they find they have invalidated their claim,” he warned.

“We would encourage people to always take the time to go back and check any details.”

Tags: Extrapolating, headache, Insurance, home, false information, population, crucial figures