Thursday, March 20, 2008
Avoid Insurance Risk
Most people are inviting trouble regarding their insurance cover by not providing genuine information while applying for it, according to the recently published Sainsbury's Finance research.
Around 1.12 million people have accepted that they deliver false information intentionally, whereas some 12.59 million people admitted that they would just make a guess while applying for an insurance policy. And this way people do invite a lot of trouble when the bank urges them to make sure that the information that they give are correct, and if unsure of the exact details, they ought to take time & check it. Also, providing false information could make an insurance policy invalid at any point of time. There are insurers who would demonstrate leniency even if there are inaccuracies that are unintentional.
According to a survey, it has been found that Home Insurance is at the top in the dishonest list. Almost 18% people with home insurance have confessed that they gave false information, whereas 15% people with car insurance accepted of delivering false details and this was followed by another 2 insurance segments i.e. travel and pet insurance with 12% and 4% respectively. Also the survey disclosed that the people have different reasons for giving inaccurate information. Another fact which had influenced a lot is their lack of time to check their personal information while applying. This is further affected by the reason that it takes a longer time to accumulate the correct information (according to 8%) as also their wish to obtain a lower premium or save their pocket (according to 4%).
Steve Johnson, Head of Insurance at Sainsbury's Finance suggests that its better to take time and provide accurate details while applying for a policy. People can use online facilities like applying online, retrieve online quotes and modify details if required.
So guys avoid insurance risk and keep yourself tension free from now onwards.