Are You Lying on Your Insurance Applications? Here’s What Could Happen

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 5 June 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover how many people lie on insurance applications and the potential consequences you face when you do so. Is it okay to lie on your insurance application? What are the consequences if you do? Hosts Sean Pyles and Anna Helhoski discuss the findings from a recent NerdWallet survey revealing how many Americans admit to intentionally providing inaccurate information on their insurance applications and delve into the generational and gender differences in attitudes toward this behavior. Learn why people justify these lies and the potential legal and financial repercussions of being dishonest on your insurance forms. Then, they break down the latest money headlines, starting with a promising decline in delinquencies reported by VantageScore. They also discuss the IRS expanding its free filing software program and how a recent decline in grocery store prices could affect your bottom line. In their conversation, the Nerds discuss: insurance fraud, lying on insurance applications, insurance rates, saving money on insurance, insurance applications, insurance deception, financial honesty, life insurance, auto insurance, consumer debt, debt delinquencies, credit score, personal loans, credit card debt, IRS free filing software, Direct File, tax preparation, inflation, grocery prices, lowering grocery costs, Aldi discounts, Target discounts, Amazon Fresh discounts, financial news, insurance industry, high-risk hobbies insurance, marijuana habits insurance, insurance consequences, consumer finance, financial tips, money management, credit health, tax filing season, insurance coverage, and economic trends. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:22.8	entrepreneurs like you sign up for your one dollar a month trial at shopify.com slash setup
0:30.6	welcome to nerd wallets smart money podcast i'm Sean Piles and I'm on a hillhouski and this is
0:36.5	our weekly money news roundup, where we
0:38.2	break down the latest in the world of finance to help you be smarter with your money. We'll go
0:42.1	deep into a single topic and then leave you with the latest money headlines. Today, we're
0:46.5	talking about honesty, specifically how honest people are with their insurance applications.
0:51.7	That's right, Sean. There's a big difference between a little white lie and big old deception.
0:56.5	According to the results of a new Nerdwalt survey of more than 2,000 U.S. adults conducted
1:01.8	online by the Harris poll, one in five Americans admit they intentionally provide inaccurate
1:07.2	information on insurance applications.
1:09.8	The most likely to Fib are Gen Zers. 42% have said
1:13.6	that they've lied on their applications, followed by 28% of millennials. The least likely to falsify
1:19.0	their applications are baby boomers at 6% followed by 17% of Gen Xers. So that's what people
1:25.4	admit to doing, but do they think it's okay to do it?
1:28.6	It seems to depend on the type of insurance.
1:31.0	The survey found that 19% of Americans say it's totally fine to lie about the number of
1:36.1	miles you drive each year in order to get a lower car insurance rate.
	...

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