More people cancelling insurance

Wed 10 Jun 2009 - Published in Home Insurance

People in the UK are increasingly cancelling or not renewing their insurance in a bid to save money in the downturn, it has been revealed.

According to research carried out by the Association of British Insurers earlier this week, 22 per cent of people have decided not to insure their house in the past year, while 13 per cent have cancelled their life insurance.

Graeme Trudgill, technical and corporate affairs executive at the group, commented that some insurance policies are more essential than others.

He suggested: "Think about what is nice to have, what insurance would be good to have, look at your budget and then speak to your insurance broker and they can point out the important things that you do need to have."

Mr Trudgill went on to say motor insurance is a legal requirement, while buildings cover is likely be part of a mortgage contract, so these are two types of policy that should continue to be paid.

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