Britons retain 'necessary' insurance
Personal insurance
29th July 2009
Britons are attempting to save money during the recession, but have not been cutting back on necessary insurance such as home and car cover, new research has revealed.
According to a study by moneysupermarket.com, just four per cent of respondents would cancel insurance relating to properties or vehicles, while a much larger proportion would be prepared to forgo mobile phone or home appliances policies in order to reduce their outgoings.
Only five per cent of those questioned would be prepared to cancel life cover, six per cent would consider scrapping their mortgage payment protection insurance and ten per cent would reassess their private medical policy.
"It is great to see that Brits have wised up to the perils of cancelling important insurance policies," the website's insurance expert Steve Sweeney said, adding that deciding not to pay for car or home insurance anymore "will prove a costly false economy".
In related news, a report by the Association of British Insurers recently outlined the importance of the sector to the UK economy and made a series of recommendations to improve consumer outcomes.
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