Insurance consumers advised to seek broker advice

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Insurance consumers advised to seek broker advice

Fri 30th May 2008

Increasingly comprehensive insurance policies mean some consumers are too confused to pick the right package for them, an expert has warned.

Graeme Trudgill, technical and corporate affairs executive of the British Insurance Brokers' Association, said there is a growing tendency for insurers to include "too many frills" leaving customers perplexed.

Many are now over-insuring and may be wasting money on unnecessary cover that is already included elsewhere, he suggested.

Mr Trudgill recommended that people considering a new policy should consult an insurance broker first who can advise on tailor-made packages.

He said: "It's a question of keeping the choice out there for everybody, between the belt-and-braces type of contract, against the bespoke contract."

A recent survey by financial website Fool.co.uk found 39 per cent of respondents had no idea how much insurance cover they have, with the average consumer forking out over £1,500 on six insurance products per year.

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