Consumers losing out on insurance

Wed, 14 Nov 2007

British consumers may have collectively "lost out" on £750 million during the last 12 months because they have been unable to claim on their insurance policies, new research has revealed.

A study conducted by Tesco Insurance found that people were unable to claim on their home , travel or car insurance policies despite believing that they were adequately covered.

The firm noted that people may find their claims rejected because 55 per cent of consumers only skim over the details of the insurance product they buy, with 58 per cent admitting to buying a service that was not suitable for them in the last year.

Peter Dingle, managing director of TescoCompare.com, said: "Insurance polices can be complicated, and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren't."

In related news, the Association of British Insurers recently reported that 44 per cent of people in the poorest households purchase home insurance , compared with 82 per cent of those with average incomes.
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