Brits axe insurance payments to save money

| April 9, 2009 | 0 Comments

Millions of people in the UK have cancelled or reduced their insurance policies in a bid to save money as the recession bites.

Research from Sainsbury’s Finance found that nearly 950,000 Brits have either given up or cut down their home contents insurance, whilst an additional 700,000 have reduced or stopped payments for their buildings protection.

Life insurance policies have also been a target of the new frugality, with over half a million dropping life insurance policies because they needed the money to pay more important bills.

Nearly 600,000 have reduced their car insurance due to an increase in financial pressure.

Neil Laird, Sainsbury’s home insurance manager, warned that reducing or axing insurance cover could have ‘serious financial consequences’ were anything to go wrong.

“It can be tempting, with some insurance policies, to simply hope for the best,” Laird said.

He added, however, that “insurance should be viewed as a necessity, not a luxury.”

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