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Households plan to cut corners on insurance
15 September 2008
A new study has shown that an increasing number of households could be exposing themselves to unnecessary risks by not taking out insurance in a bid to cut costs.
Research by American Express revealed that nearly a quarter (24 per cent) plan to axe their travel insurance in an attempt to save money on their holiday due to the rising cost of living.
Furthermore, the survey found that more than a quarter (27 per cent) are expecting to stop making payments towards their family health insurance premiums, compared to just 17 per cent who will cut their animal's pet insurance.
Chris Rolland, head of American Express Insurance Services commented: "Life may be getting more expensive, but it is worrying that Brits are planning to cut back on the policies that are designed to protect them during hard times. This may well be a false economy."
According to the study, five per cent of people will cancel their car and home insurance despite the legal requirements.
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