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Misleading Insurance Carriers Can Cost You

PP December Misleading Insurance Carriers Can Cost You - Misleading Insurance Carriers Can Cost You

Drivers may be leaving some details out on their insurance policies. A lot of drivers it would seem, as a recent poll found over 80% of drivers fudge the details when obtaining a car insurance policy. There are a number of ways to save on car insurance from safe-driver discounts to policy bundling. Falsifying details to save money will likely cost more in the long run.

According to the survey, the top 5 ways drivers try to mislead insurance carriers are:

1. Misrepresenting annual mileage
2. Listing an incorrect primary driver
3. Falsifying the purpose of the vehicle (personal, commercial, etc)
4. Submitting misleading information about vehicle location
5. Omitting previous insurance claims history

For most people submitting false information, the primary motivation is financial gain. This is a risky gamble with potentially costly consequences.

Insurance carriers are on the lookout for this. Insurers are likely to void policies with intentional omissions or misrepresentations. This can be particularly risky in case of a claim as falsified policies may be dropped right when you need coverage most. That means that in case of a car accident, drivers can find themselves on the hook for extensive medical and property damages.

Falsifying insurance documents can have long-term impacts on insurance policy availability and the prices for premiums. Insurance carriers may be unwilling to carry policies for a driver with a history of telling “white lies”. Beyond higher future premiums, there is more than continuous auto insurance coverage at stake. Call it what you may, a “white lie” is an intentional omission. In the eyes of the law, this is considered insurance fraud, punishable by both fines and incarceration.

On the brighter side, it’s still possible to get great rates on comprehensive auto insurance plans. Our agents can help find the maximum number of discounts for honest coverage at affordable rates.