Insurance Applications — Over 20% Lie on Them

NerdWallet does all kinds of interesting surveys about insurance. The latest is on how many of us lie on insurance applications. To be nice about it, the personal finance website was a little more diplomatic and didn’t call it lying.

NerdWallet’s Insurance Dishonesty Report said 21% of us admit to “intentionally providing incorrect information” on those applications.

Here’s the breakdown:

  • 42% of Generation Z — ages 18-27 — admit to lying and it is the largest number
  • 28% of Millennials — ages 28 to 43 — admit to lying
  • 17% of Generation X people — ages 44-59 — admit to lying
  • Just 6% of Baby Boomers — 60 to 78 — say they lie

Most who admit to lying say it’s okay to do so. The top reason for lying — 45% — is to save money. Another 38% say they lie because their rates have risen too high.

Oddly, only 19% say it’s okay to lie about the number of miles they drive each year to get a lower auto insurance rate.

Source link: Business Insurance —

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