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Brits 'failing to buy right insurance'

Many consumers in the UK are losing money by choosing insurance policies which do not suit their needs, it has been claimed.

According to research from Tesco Compare.com, British people have collectively wasted £750 million in the last year by being unable to claim on their home, motor or travel insurance policies.

The website states that people often mistakenly believe that they are insured for events that their policy does not actually cover them for, meaning they do not usually realise until it is too late.

"Insurance polices can be complicated and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren't," said Peter Dingle, managing director at Tesco Compare.com.

"With the pace of modern life, many [people] perhaps simply do not have the time to make sure they understand what they are buying," he suggested.

Moneysupermarket.com recently advised property owners that they may need to extend their home insurance cover during the festive period if they are likely to have expensive items in the house.

A personal loan can offer a way of coping with insurance costs.

See how much you could borrow with a Lombard Direct personal loan.
© Adfero Ltd

14/11/2007 16:51:09

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