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Why you should 'keep it real' with insurance

Why you should 'keep it real' with insurance

Category: Car insurance

Updated: 01/06/2016
First Published: 01/06/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

We all know that we should be truthful when applying for a car insurance quote, with the legal consequences for incorrect or even fraudulent details being a key driver behind this level of honesty. But, did you know that it could also pay you to keep it real?

New analysis from Consumer Intelligence shows that being entirely truthful in your quote could result in premiums that are up to £126 lower on average, so it really could be worth it. While many people (31% in fact) type incorrect details into price comparison websites to avoid receiving follow-up calls, it could mean you end up with far less competitive quotes.

Around 39% of respondents who admitted to putting in fake details input the wrong phone number, while 10% put in the wrong address and 8% even lied about their name. But this could be a big mistake, as premium quotes from real details are actually cheaper in 80% of cases, and you could even get an average of 18 more quotes by being completely honest.

Then there's the possibility to get cheaper quotes, and the £126 figure is just an average – Consumer Intelligence's research, which analyses real and fake quotes, found that real details can result in premiums that are as much as £2,851 cheaper per year!

This just goes to show that you can never be quite sure whether you're getting a decent quote unless you put in the correct details, because it could all hinge on your level of honesty – and if you aren't able to properly compare all the available options, you could miss out on cheaper alternatives.

"It is tempting to put in fake details to avoid follow-up calls and emails when using price comparison websites, but it really does pay to keep it real," said Ian Hughes, chief executive of Consumer Intelligence. "The quotes produced for even slightly incorrect data will be more expensive generally and there will be fewer to choose from, which will mean missing out on savings.

"With motor insurance premiums rising it's a false economy to put in false information, and it is worth a few follow-up calls to maximise savings."

What next?

Time to compare car insurance quotes? Then use our handy search tool to get started – just remember to keep it real!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.