How many Americans lie on insurance applications?
NerdWallet research reveals which demographic is most likely to fabricate details provided to their insurer.
A recent NerdWallet survey of more than 2,000 adults indicated that one in five Americans lie on their insurance applications.
According to the data, more Gen Zers believe it is acceptable to falsify their personal information than any other age group at 42%, compared to 28% of millennials, 17% of Gen Xers, and 6% of Baby Boomers.
“It may not seem like a big deal to lie on an insurance application, but doing so can come with unexpected consequences that can potentially impact you and your family’s well-being,” said NerdWallet finance expert Melissa Lambarena. “Instead, find savings by asking your insurance provider about potential discounts, and shop around for better rates.”
The data also showed 19% of the surveyed adults say it’s acceptable to lie about the number of miles they drive each year for lower auto insurance rates, while 14% say it’s acceptable to lie about their health for lower life insurance rates.
Meanwhile, men and younger Americans are more likely to say various insurance lies are acceptable, the study showed, with 45% of the survey saying it’s because they want to save money and 38% saying it’s because rates have increased too much.
The most common lies are for lower auto insurance rates and include fibbing about the number of miles driven on a vehicle, marijuana and tobacco use, income, high-risk hobbies, and personal health, according to the survey.
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