What is utmost honesty?

Insurance contracts hold you, the insured, to a very high standard. When you apply for insurance you are required not only to tell the truth but also to volunteer any information that might affect your insurance.

An example would be, if you have someone that you lend your vehicle to on a regular basis. This person does not have insurance because of a terrible driving record. Guess what happens if this person is driving your vehicle and has an accident? It will be investigated and you could find yourself in a courtroom facing a huge debt with no insurance to back you up. Your buddy probably doesn't do better at managing his bank accounts so you are likely on your own.

Utmost honesty means that if things change from when you set up the insurance then you have an obligation to let your broker or agent know about the change.

If the insurance company might have said "no" or charged more for your insurance then these are issues you do not want to have. The best thing that could happen to you in this situation is that you are found not to have intentionally withheld the information. Now you will be charged more for your insurance but you will still have a policy.

To keep control of your insurance you need to talk frankly to your adviser. If you want to run a question by us first, contact us through Ask. We are here to help.