Reducing home or car insurance cover could have devastating results

Tue, 12 May 2009

BIBA (British Insurance Brokers Association) is warning customers that cutting back on their home insurance or car insurance cover to save money during the recession could be devastating.

Research conducted by BIBA revealed that more than 20 per cent of brokers have found that customers taking out car insurance or home insurance have reduced their level of insurance cover as a result of the recession. BIBA Chief Executive, Eric Gailbraith, said: "The economic downturn generates an increased focus on cost and we are warning consumers about the dangers of reducing cover without guidance from a broker ."

Some of the ways that customers are reducing their home or car insurance cover is by reducing the sums insured, increasing the excesses or reducing non-essential cover and add-ons. BIBA says that it is essential for customers to have insurance that meets their needs, otherwise they face the possibility of a claim not being met, partially or in full, by an insurer .
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