11 June 2009
Consumers have been urged to think hard about what insurance cover they may need before cancelling or renewing anything.
Graeme Trudgill, Technical and Corporate Affairs Executive at the British Insurance Brokers Association (BIBA), explained that car insurance is a legal requirement and an absolute must have.
He suggested that consumers establish whether they have the necessary cover in place and only then "decide whether or not you have any additional cover".
Mr Trudgill added: "23% of brokers have seen their personal lines customers reduce their level of insurance protection in the economic downturn.
"In these difficult times our advice to consumers is to not just not renew something or cut it out, [but] think about what are the 'need to haves'."
Recent research by BIBA indicated that more than a quarter of brokers (29%) have seen a reduction in non-essential cover.