What happens if you do not declare everything or gave wrong information when signing up for insurance?

Failing to declare all relevant information when signing up for insurance, also known as non-disclosure, can have serious consequences in Australia, including Victoria. Insurance policies are based on the principle of utmost good faith, which means both the insurer and the insured are required to be completely honest and transparent with each other. If you do not declare all material information, it can lead to several negative outcomes, such as:

• Policy Cancellation
• Claim Denial
• Reduced Payout
• Policy Adjustments
• Legal Action
• Inability to Get Future Insurance
• Reputational Damage