Fool.co.uk: Consumers should organise finances

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Fool.co.uk: Consumers should organise finances

As rising prices and tighter credit conditions continue to bite, consumers are being urged to organise their finances and make sure they are getting the best deals on insurance products.

The head of personal finance at Fool.co.uk says the credit crunch is an "ideal opportunity" for consumers to "sift through" their insurance policies and decide whether or not they are getting value for money.

Research by YouGov reveals that 26 per cent of consumers who have bought insurance policies through price comparison websites are looking to reduce their insurance spending and cut back on unnecessary cover.

Mr Kuo says this could be a good idea as consumers who buy insurance they do not need are wasting money. The YouGov survey shows that payment protection insurance and pet insurance are two examples of policies that could be up for review.

However, Mr Kuo warns: "If you don't buy insurance that you do need, then eventually your decision will come back to haunt you." He cites buildings insurance and car insurance as two absolute essentials for homeowners and motorists.
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