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Women provide more inaccurate information on car insurance policies compared to men

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Newly obtained research from a reputable insurance intermediary has revealed that women are providing more inaccurate information than men on their car insurance quotes in order to get a cheaper premium, raising the question of why young men are being charged twice as much as women for their car insurance.

The car insurance company, which provides up to 280,000 car insurance quotes a month, saw 20% of its insurance policies sold in May resulting in fraud investigations.

51% of their declined applications were for women, whereas only 49% of declined applications belonged to men.

The top three inaccuracies on car insurance quotes were found to be:

  • Not disclosing convictions – a total of 47%. 64% for males and 36% for females.
  • Giving the wrong information about license length – a total of 32%. 32% for males and 68% for females.
  • Exaggerating the truth about possessing, or amount, of no claims discounts – a total of 19%.  47% for males and 53% for females.

A spokesman for the insurance intermediary, says, "These results show that basing insurance premiums on gender alone is misguided. The insurers should do more to tackle those who provide inaccurate information, whoever they are, and reward honest drivers."

Dishonesty and fraud from motorists towards their car insurance has increased annual insurance premiums by approximately 38% in the last year across the industry.  Due to this, up to 1.3 million motorists have looked towards other forms of transport, some even going so far as to sell the family car, to battle rising costs.

The spokesman continued, "To combat rising insurance costs, I'd advise honesty is always the best policy.”

An insurance industry expert said, “It is important to be transparent when submitting an insurance application as the costs associated with fraudulent insurance policies are ultimately passed to motorists.  Therefore the more honest motorists are, should hopefully see a reduction in costs in the coming years.”

By Ben Malkin

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