Consumers to reduce insurance cover as credit crunch hits home says Deloitte

One in five consumers (21%) looking to reduce insurance spending said they would cut Payment Protection Insurance (PPI), which covers repayments on products such as personal loans, mortgages and credit cards if the borrower is unable to do so due to loss of earnings as a result of accident, sickness, unemployment or death.

18% of those looking to reduce their insurance said they would consider changing from comprehensive motor insurance to third party cover. Travel insurance (12%), pet insur