Consideration 'needed' before reducing insurance
Personal insurance
13th May 2009
Insurance policyholders have been advised to give careful consideration to what aspects of cover are the most important, as many people attempt to make financial savings during the economic downturn.
The British Insurance Brokers' Association's (Biba's) technical and corporate affairs executive Graeme Trudgill said that the prospect of people reducing cover on vital areas is a big concern.
He claimed it is sensible for people to retain their contents insurance policy, commenting: "You might have £30,000 worth of contents, the average premium for contents insurance is something like £149, so it's very cheap to insure your contents."
Mr Trudgill also said that people should seek advice from their brokers before reducing the scope of their insurance policies as a way of saving money.
Recently, Biba revealed that a cut in non-essential cover had been seen by almost one-third (29 per cent) of brokers, with home and motor cover being the most affected categories.
For more information on how Giles can help you with your personal insurance needs, Click here.
