Risky Brits: Over half of the nation knowingly void insurance

  • Insurance
  • 24.10.2018 09:51 am

More than half of Brits have committed offences that void their car or home insurance, according to new data from leading price comparison website MoneySuperMarket, despite knowing it could leave them unprotected in the event of an incident or burglary.

From letting others drive your car to leaving windows open in the house, the report from MoneySuperMarket reveals the list of seemingly minor misdemeanours that Brits knowingly commit.

Over a tenth (13 per cent) of Brits admit to moving jobs without telling their car insurer of the change, despite half of those surveyed (46 per cent) being aware that it could void their insurance. Updating this information is important as it can affect the way car insurance premiums are calculated, with some occupations being deemed more of a risk. MoneySuperMarket research from earlier this year found that ‘students’ without jobs who list themselves as ‘unemployed’ can add 51 per cent to their premium – costing them a huge £6772.

A further five per cent of Brits have also started a home business without informing their home insurer, despite more than half (55 per cent) being aware that it could void their insurance. From storing stock and selling clothes on eBay, to hosting beauty business parties at home, these set-ups could invalidate insurance policies.

While more than half (56 per cent) are aware that leaving their windows open will void home insurance, a third (34 per cent) still knowingly put themselves at risk by doing so. Half of those surveyed (50 per cent) are aware that letting someone else drive their car is a violation of car insurance, yet a third (31 per cent) are still willing to take the risk.

As Brits prepare to host family and friends for the Christmas festivities, the research reveals that one in 10 (nine per cent) have renovated their homes and not informed their insurers, despite a quarter (26 per cent) of those surveyed knowing that it could void their insurance.

The younger generation is most willing to take risks, with three quarters (76 per cent) of 25-34 year olds committing offences that could infringe upon car insurance terms and conditions.  The majority (80 per cent) have knowingly voided their home insurance, including failing to turn on the burglar alarm when leaving their property (34 per cent). On the flip side, older generations are most likely to play by the rules, with over 55s committing the fewest car insurance violations (46 per cent) and 45-54 year olds committing the fewest home insurance infringements (53 per cent).

Most common insurance violations:

 

Violation

 

Insurance type

 

Percentage committed

 

Known offence?

 

Leaving windows open when leaving the house

 

House

 

34%

 

56%

 

Letting other people drive your car

 

Car

 

31%

 

50%

 

Leaving the door unlocked when leaving the house

 

House

 

21%

 

67%

 

Failing to turn on the burglar alarm when leaving the house

 

House

 

17%

 

47%

 

Driving with a pet on the seat unrestrained

 

Car

 

17%

 

36%

 

Changing jobs and not informing your car insurer

 

Car

 

13%

 

46%

 
 

 

Tom Flack, Editor-in-Chief at MoneySuperMarket, commented: “There are lots of ways that Brits can accidentally find themselves in a position where they’re flouting the rules of their insurance policy. Yet surprisingly, our latest research reveals that many are actually aware of the risks but are still willing to gamble.

“What may seem like a trivial action, such as not informing your insurer when you change jobs, may result in your insurance being voided, meaning that if something goes wrong, your claim won’t be paid. This could leave people with a huge potential loss if their house is burgled or they are in a car accident. Make sure you’ve got the insurance cover that best suits your needs and regularly shop around for the best deal.”

For more information, visit MoneySuperMarket to find out the best insurance policy for you.

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