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Most US residents’ insurance applications are false!

The latest research done by liveinsuranceinfo.com has revealed that most American residents give false information in their insurance applications to their insurer or insurance company, and perhaps this is the reason why insurance rates are skyrocketing all across America today.

Generational Differences: insurance applications are false

According to this report, a recent survey done by liveinsuranceinfo.com on more than 2 thousand American insurance holders revealed that one in every five Americans gives wrong information in their insurance application. Apart from this, the new generation, called Gen Z, believes that there is nothing wrong with providing wrong information; rather, they are in favor of it. Currently, this figure is 42%, while this figure is 28% in Millennials, 17% in Gen X, and 6% in Baby Boomers.

Lying for Lower Insurance Rates

According to the report, only 19% of USA residents believe it’s acceptable to lie about 1 person per year to get lower auto insurance rates, and 14% say it should be bearable to lie about health data to get lower life insurance rates.

Financial Reasons Behind Misrepresentation

Among Americans who say it should be acceptable to lie about certain personal information to get lower insurance rates, nearly half (45%) also say it should be bearable because it is becoming increasingly difficult for them to save money, and this is how they save money. Another 38% of Americans say it is because insurance rates are constantly rising, and we think insurance companies are arbitrary, so we have no problem lying.

Americans do not consider providing false information on any insurance application equally acceptable or unacceptable. About 1 in 5, or 19%, believe it should be bearable to lie about the number of miles driven each year to get lower auto insurance rates, about tobacco smoking habits to get lower life insurance rates (15%), or about health data to get lower insurance rates (14%).

Survey Details

The survey was conducted online in the USA from March 19 to 21, 2024. The survey included more than 2 out of 500 citizens aged 18 years or older. The accuracy of the sample in this online survey is measured using Bayesian credible intervals.

Also Read: HOAs, condo hotels, and insurance laws take effect July 1 in Florida!

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