One in six Kiwis lie about their car insurance, according to a survey conducted by car insurance comparison site Finder, but it pays think twice before you inflate your insurance claim, says Insurance and Financial Services (IFSO) Ombudsman, Karen Stevens. Aside from the standard trio of third party, fire and theft or comprehensive insurance, vehicle valuations fall under ‘agreed’ or ‘market value’. Agreed value policies provide more certainty about the amount you will be paid out in a total loss situation. Typically, market value policies have cheaper premiums than agreed value policies. “The long-term consequences of insurance fraud are hard hitting.

Source: Stuff July 23, 2020 20:15 UTC