One out of every four young motorists has admitted to lying to their car insurance companies in order to lower their motoring costs, according to a new report released by one car insurance comparison website.
Cheap car insurance for young drivers is becoming more and more rare in the current economic landscape, leading many younger motorists willing to take drastic steps to reduce their car insurance rates. However, the majority of young drivers are unaware of the possible consequences of lying to their insurers, as 68 per cent questioned during the survey had no idea that their policies could be invalidated if they were found to have lied to their insurers.
More than 50 per cent of those respondents between the ages of 17 and 21 also admitted to ‘fronting’ as a way to reduce their premium payments. This is usually done with the help of their parents, as either the younger motorist’s mother or father will be named as the main driver of the car even though the primary driver is his or her child.
Additionally approximately 39 per cent of respondents reported not declaring modifications made to their car. Moreover, 41 per cent neglected to tell the truth about keeping their car within a garage instead of parked in a driveway or on the street.
Many consumers have decried the incredibly high price on insurance premiums for younger drivers as extortionate, despite the fact that younger drivers are thought of to be higher risk when it comes to causing accidents. Younger male drivers are quite badly hit by insurers, as they are considered one of the highest risk groups by insurance companies.