Brits have revealed their sensible side when it comes to cutting back on insurance to save money, according to moneysupermarket.com, and would only cancel what could be considered as "unnecessary" policies.
Research from the UK’s leading price comparison site reveals most Brits looking to curb their spending by cutting back on insurance products would not cancel essential policies such as motor and home insurance – only four per cent would cancel either policy. Instead, they are more likely to shun mobile phone or home appliances insurance, with 31 and 26 per cent of respondents respectively stating they would cancel these to save money over the next 12 months.
The research also found a quarter of the Brits who have it (19 per cent) would consider cancelling their Loan Payment Protection Insurance (LPPI) and six per cent would cancel Mortgage Payment Protection Insurance (MPPI). five per cent would cancel life insurance and 10 per cent would cancel private medical insurance. One in eight (12 per cent) would also consider cancelling their annual travel insurance policy if it meant saving money.
Steve Sweeney, insurance expert at moneysupermarket.com 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. However forgoing standalone cover for mobile phones and home appliances is a great place to start, especially as they can be covered through your home contents insurance from as little as £106 per year with AXA.
"For Brits considering cancelling LPPI, MPPI or life insurance it is crucial to assess your current situation and work out what cover you need, especially in the current climate; you don’t know what might stop you from working, which could, prevent you from being able to afford costly monthly bills. Similarly, annual travel cover is very often only marginally more expensive than single trip cover, and for jet-setting Brits, buying a single policy every time they travel could mean they end up paying more. Annual worldwide policies for a couple start from as little as £38 per year with Insurewithease compared to £23 for a single trip, a relatively inexpensive safeguard for stress free travels."
