LV= finds Brits cutting back on insurance

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LV= finds Brits cutting back on insurance

Mon 23rd Feb 2009

Many people in the UK are cutting back on the amount they spend on insurance, according to research released by LV=.

The insurer conducted a survey which found that 12 per cent of Brits are considering reducing the amount they spend on insurance this year as they try to save money because of the credit crunch.

John O'Roarke, managing director of LV= general insurance, advised people not to cut back on essential policies like home insurance, as cover may be even more necessary when money to buy replacement items is harder to come by.

He added: "It's understandable that people are looking to ways in which they reduce their outgoings, however cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens."

Recent research by Abbey revealed that the number of domestic break-ins is likely to rise during the recession.

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