Some people think that by withholding information to their broker, such as claims and tickets, they will be able to save money on their insurance premium. That may be true in the short run, but in the long run it can cost you much more than the amount saved.
- If ever you have a claim, your insurer can decide not to pay for your losses due to false declarations.
- They can increase your premium once you are already in the contract.
- They can cancel your policy with penalties.
Remember, we live in a time where all tickets and accidents are recorded so eventually the truth will come out and unfortunately you will have to deal with the consequences.