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Keeping it real keeps insurance quotes lower

1st June 2016 Print

Keeping it real when shopping around will produce more competitive car insurance quotes with premiums up to £126 on average lower, analysis from insurance market experts Consumer Intelligence shows.

Its research shows nearly one in three drivers (31%) put in incorrect details on price comparison websites when checking premiums to avoid follow-up calls.

Incorrect details which can have an effect on quotes can be as basic as an incorrect phone number. Around 39% who have faked details admit to putting in the wrong number while 10% say they’ve put in a wrong address and 8% a wrong name.

However Consumer Intelligence analysis shows premiums quoted for real details are cheaper in 80% of cases and real details produce on average 18 more quotes. Around 27 providers do not quote for faked details.

Average prices are around £126 less expensive for real details but can be as much as £2851 a year cheaper, the analysis of real and fake quotes found.

The real versus fake has an impact for insurance providers buying data from price comparison websites as they will be seeing fewer quotes and will not be seeing the most competitive prices.

Ian Hughes, Chief Executive of Consumer Intelligence said: “It is tempting to put in fake details to avoid follow-up calls and emails when using price comparison website but it really does pay to keep it real.

“The quotes produced for even slightly incorrect data will be more expensive generally and there will be fewer to choose from which will mean missing out on savings.

“With motor insurance premiums rising it is a false economy to put in false information and it is worth a few follow-up calls to maximise savings.”

Insurers which do not provide quotes for fake data include Allianz, AXA, Co-Op, John Lewis, Legal & General, Marks & Spencer, Nationwide, Post Office, RIAS, Santander and Swiftcover.