American Express: Britons cutting corners on insurance

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American Express: Britons cutting corners on insurance

Almost half of Britons plan to compromise on financial products such as travel insurance to save money, research by American Express has found.

As the cost of living increases, people are prepared to cut back on cover in an attempt to cope.

Nearly a quarter (24 per cent) would forego travel insurance to save money on their holidays while 44 per cent are to stop making their regular payments to their family savings plans.

But while 27 per cent said they expect to stop their family health insurance, just 17 per cent intend to drop their pet insurance.

Chris Rolland, head of American Express insurance services, warned it could be a "false economy" to cut back on insurance if something unfortunate happened.

People travelling abroad were recently warned by Defaqto to check that their cover included protection in the case of a terrorist attack.

Defaqto said that while most providers would probably pay a medical claim caused by terrorism, people could lose out for personal accident and baggage claims.

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