When shopping around for car and home insurance, as well as searching for the best price, it may be tempting to not disclose all pertinent information when applying for insurance. However in attempting to save on your insurance premium, this can be costly over the long term.
Non-disclosure or lack of disclosure of important information is a common reason for disputes when a claim has been lodged. Because of this, it is important that you are completely honest when taking out an insurance policy or filing a claim.
Insurance is absolutely necessary and people shouldn’t try minimise the amount they pay each month by not disclosing important information with their insurer.
Why you should be honest when applying for insurance
You might think that failing to mention a driving offence or an important detail about your home’s security won’t matter in the grand scheme of things, and will get you lower premiums.
The truth is that it may get you lower premiums initially, however this can impact the outcome of a claim submitted. Your insurance premium is determined by assessing your risk profile which is based on the information that you supply. Therefore it is critical to disclose all information required with complete honesty.
For example, many parents take out car insurance in their own names when they’re actually insuring cars for their children. This may save a bit in premiums, but could result in a claim being rejected due to the non-disclosure following an accident.
Be honest with your claims
Many instances of truth fabrications arise around claims. Drivers will lie to shed any blame, and homeowners won’t share all the details of a robbery. This is never a good idea.
Insurance companies want to be sure that they aren’t being made the victims of insurance fraud and thus research each claim meticulously. As a result, if something didn’t happen the way it was reported, it will likely be discovered.
Don’t put yourself in a position where you could have a claim rejected. Maintain absolute honesty at all times.
If you want to save money on your insurance premiums, don’t try to cheat the system. Instead, research the companies with the best rates to match the best possible service.
Fortunately for you, you’ve already found one. So, for excellent premiums that make honesty feel genuinely rewarding, contact iWYZE today!