Consumers to reduce insurance cover as credit crunch hits home says Deloitte
Retailers and restaurants may not be the only ones to feel the effects of reduced household spending following the credit crunch. Research by YouGov for Deloitte, the business advisory firm, has found that 26% of consumers who buy insurance from a price comparison site are looking to reduce their insurance spending. Only 40% of those surveyed said they definitely wouldn’t cut back on the insurance products they buy in the next 12 months to reduce the cost of their insurance policies.
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 insurance
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