Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 18th of July 2018
October 28, 2008

JML cautions against cutting costs on insurance

by Richard Kilner

Story link: JML cautions against cutting costs on insurance

Over the course of the last year the global economy has been hit first by the credit crunch, and is now in the grip of a worldwide downturn and probable recession.

In the midst of the economic gloom, jml insurance.co.uk has embarked upon a campaign entitled “Insurance is one essential you can’t afford to be without today”.

Philip Suter explained that people are naturally beginning to reduce their expenditure as times get tougher, cutting back on little luxuries and looking for savings where possible.

However, Suter cautioned against taking the perhaps tempting option of cutting insurance costs.

Several types of insurance are legally required (most obviously motor insurance) and buildings insurance may be necessary for mortgage holders.

Home contents and travel insurance are the most likely candidates for cutting costs, but Landlord and Tenant insurance products grant tenants and landlords peace of mind by protecting them against possible losses.

Doing so will save money immediately, but as most tenants have laptops and other expensive goods, the danger is that the cost of replacing them will far outstrip any short-term gain from going without insurance.

For those who travel several times a year, an annual policy can save money whilst still protecting the policyholder from potential pitfalls abroad.


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