We asked brokers what percentage of their clients were telling white lies when it came to their auto insurance policies – and the numbers aren’t encouraging.
Five said that ‘probably half’ of their clients are fibbing on their auto insurance, with four estimating between ‘10-20 per cent’ and four more saying they believe ‘less than 5 per cent.’
Perhaps more telling, three brokers felt that ‘most of them (50-75 per cent)’ were telling lies, while another three felt that ‘just about everybody (over 75 per cent)’ were lying on their auto insurance for a cheaper premium.
Two brokers felt that ‘almost 30 per cent’ of their clients weren’t being completely honest on their auto insurance, while no one voted for 5-10 per cent.
According to Anne Marie Thomas of Insurance Hotline, small lies consumers tell when applying for insurance falsely inflate the cost for everyone. In fact, roughly 15 per cent of people’s insurance premiums go toward covering false claims.
“There are smaller types of insurance fraud that people commit, and you don’t even think of it being fraud,” said Thomas in the article, ‘
The reason your clients are paying an extra $3bn in annual premiums.’ “For example, telling your insurer ‘I don’t drive to work,’ and the truth is, you drive 50 kilometres one way to work.”
Our next poll looks at the statement made by the head of the Royal Bank of Canada last week, hinting that he may be taking his company out of the P&C space.
What do you think? Will this lead other major banks to follow suit, or is this more of a one off?
You tell us, by clicking here.
