Consumers urged to cut back on insurance spending

Mon, 30 Jun 2008

Consumers should organise their finances and ensure they are getting the best deals on insurance products, says a financial website .

Mr Kuo, head of personal finance at Fool.co.uk, says the current credit crunch is a good opportunity for consumers to look through their insurance policies and see whether or not they are getting value for money .

Recent research by YouGov shows that 26 per cent of consumers who have purchased insurance policies through price comparison websites, want to reduce how much they spend on insurance and cut back on cover which is unnecessary. The research also reveals that two examples of policies that could be reviewed are payment protection insurance and pet insurance .

Mr Kuo suggests that this is a good idea as it is a waste of money for consumers to buy insurance they don’t need. However he warns: "If you don't buy insurance that you do need, then eventually your decision will come back to haunt you." He notes that buildings insurance and car insurance as two essential policies for homeowners and motorists .
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