531Brit Recognise the Value of Insurance
posted on August 7th, 2009
Despite the strain the economic crisis has put on consumers, Brits are not cutting back on their van insurance policies and they recognise the importance of having cover in place, new research has found.
According to a survey conducted by moneysupermarket.com, only four per cent of homeowners would consider cancelling their policies as a budgeting method.
Insurance expert Steve Sweeney said: “It is great to see that Brits have wised up to the perils of cancelling important insurance policies.
“Despite the fact it is illegal to drive a car uninsured, cancelling motor and home insurance will prove a costly false economy.”
The survey found that other types of cover, such as for mobile phones and home appliances, is deemed less essential by consumers and is more likely to be axed in cost-cutting efforts.
It was also revealed that payment protection schemes are likely to take a beating as Brits try to budget; 19 per cent of respondents said they would consider cancelling their loan payment protection insurance.
Another six per cent would not renew their mortgage payment protection, while ten per cent said their private medical insurance was no longer a cost worth keeping up.
Last month the Association of British Insurers implored consumers to recognise the important of the insurance market, highlighting the benefits of a strong sector on their lives.
The body said that a completive insurance industry would afford consumers a “wide range of risk management tools”.
