Personal Finance

Friday 25 July 2014

The truth may hurt – but it pays off with insurers

Published 30/03/2014|02:30

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When you buy insurance, you are taking out a contract of "utmost good faith". So you have a duty to disclose anything to your insurer which could increase your chances of making a claim.

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This duty doesn't just apply when you first buy your policy. If your circumstances change after you buy your policy, such as clocking up penalty points or getting a dangerous driving conviction, you must tell your insurer.

Lying to your insurer could cost you a hell of a lot more than you save on your annual premium by doing so. If your insurer finds out that you haven't been honest, it could cancel your policy – and you will find it more difficult to get insurance elsewhere as a result. Your insurer could also refuse to pay out for a claim.

If you're in a serious car accident, this could leave you footing the bill for hundreds of thousands of euro. If you die and your partner and family are relying on the proceeds of a life insurance policy to make ends meet, your lies could put your loved ones into severe financial difficulty.

Sunday Indo Business

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