Car cover news
04/07/2008
Cutting car insurance is a short sighted saving
New research from Deloitte, the professional services firm, has revealed that UK drivers plan to cut their car insurance cover in a bid to save ever-dwindling disposable income.
Up to 18 per cent of motor insurance customers, who currently buy comprehensive cover, plan to downgrade to third party only policies.
High living expenses and the credit crunch have been blamed for the dropping of various insurance products from the shopping list of buyers nationwide.
Payment protection insurance on new purchases is the product most likely to be hit hardest, with 26 per cent of consumers planning to forego this cover.
Travel insurance is likely to see a loss in revenue, as 12 per cent of customers state they would downgrade. Eight per cent of consumers plan to cut back on pet insurance.
A duck2water spokesperson commented, "Cutting your car insurance cover to third party only as a money saving measure is a very short sighted way to save money. If you are involved in a car accident the costs involved in getting yourself back on the road could far outweigh the short term saving."
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