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Brits 'neglecting insurance to save money'

Many British consumers are attempting to cut corners on their finances by not spending money on insurance for their pets, homes and travel, a new survey has discovered.

Research by Sainsbury's Finance found that 55 per cent of dog and cat owners do not have insurance for their animals, while 11 per cent recently went on holiday without travel insurance and ten per cent are uninsured on their home contents.

The rising cost of living is thought to be the reason for this casual attitude to insurance, with recent data from the Office of National Statistics stating that retail prices have increased by an average of 4.2 per cent between October and November this year.

Nevertheless, head of insurance at Sainsbury's Finance Steve Johnson described insurance products as "an absolute must" and said that those people not purchasing cover are "playing Russian roulette" with their finances.

"People finding it difficult to afford insurance due to the rising cost in living need to ensure that they shop around for the best cover," he added.

The British Insurance Brokers' Association recently urged homeowners to take out accidental damage cover before carrying out a DIY job. Personal loans can help to cover insurance costs.

See how much you could borrow when you apply for a loan with Lombard Direct.

© Adfero Ltd

12/12/2007 17:36:34

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