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Half a million Brits reducing travel insurance

19 April 2009 16:45

Half a million Brits reducing travel insurance

Millions of people are cutting back on essential financial products, new research from Sainsbury's Finance reveals, with travel insurance sales also being affected.

It found that 82,000 people have reduced their level of cover over the past 12 months, while an additional 465,000 have cancelled a policy.

What's more, the research indicated that 12 per cent of people have switched to a cheaper policy in the same time frame, as a result of their stretched finances.

Neil Laird, home insurance manager for Sainsbury's, said: "Policies vary a great deal and cancelling your cover or opting for a cheaper deal that doesn't offer adequate cover could have serious financial consequences when something goes wrong."

"Insurance should be viewed as a necessity, not a luxury."

Meanwhile, the NHS Rotherham Health Advice centre took the opportunity this month to warn holidaymakers that European Health Insurance Cards do not provide enough cover to remove the need for holiday insurance.ADNFCR-1320-ID-19126340-ADNFCR