Insurance customers warned on excess cutbacks
www.moneynews.co.uk > Insurance > Insurance customers warned on excess cutbacks
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Insurance customers warned on excess cutbacks
Wed 13th May 2009
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That is the opinion of Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers' Association (Biba), who believes that the rise in such cases is a concern.
Recent research by Biba found that 16 per cent of brokers have witnessed people being prepared to pay a higher excess on claims in order to reduce their initial outgoings on insurance.
And while this may bring short-term savings of "perhaps £50 to £80", this will be of little comfort should something go wrong, Mr Trudgill warned.
He asked: "They might be able to afford the first hundred pounds for an accident, but can they afford the first five hundred pounds?"
Biba's survey also found that 16 per cent of brokers have seen a fall in the sums insured by personal lines customers.
Click here for more insurance news.
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