Consumer continue to cut insurance protection
Homeowners, travellers and motorists could be putting themselves at financial risk by cutting out or reducing key insurance cover that provides protection in the event of fire, flood, theft or an accident.
So says the British Insurance Brokers’ Association (BIBA), which has raised the alarm following a survey in which 57% of broker respondents reported seeing consumers cut their levels of insurance protection, compared with 23% reporting cuts this time last year.
The study also found that reducing sums insured, increasing excesses and deleting cover deemed to be non-essential were the most frequent ways of trimming insurance costs.
However, BIBA chief executive, Eric Galbraith, says: “We understand that times are tough for everyone but consumers should take care not to leave themselves exposed – it could be a false economy and cost them thousands of pounds for repairs or to replace belongings.”
Mr Galbraith recommends that consumers think “long and hard” about the cover that they need and seek professional advice from an insurance broker to avoid “serious financial consequences”.
Category: BIBA News, Car Insurance News, Home Insurance News, Travel Insurance News
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