More than eight in 10 believe punishments are not tough enough to act as a deterrent to uninsured drivers

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Consumers care more about the cost of cover than cover itself, a new study has revealed.

The latest Big Money Index from AXA has revealed that 27% of consumersagree that they are more concerned with the cost than the level of insurance cover, which includes 40% of ‘The Stretched’ and 41% of ’Young Professionals’.10%  of the former segment agreed that they would rather ‘take the risk’ rather than spend the money on insurance cover while the number of consumers agreeing that they may consider getting rid of their car because of the rising cost of motoring remained the same.

Those who buy travel insurance tend to do so for the medical cover and expenses: 80% cite medical cover and medical expenses as a critical feature when choosing insurance, followed by 63% who cite legal protection as a critical feature and 61% who cite cancellation/curtailment cover as a critical feature.

AXA Personal Lines, managing director of Intermediary and Partnerships, Nick Turner, said: “A clear pattern has emerged in the last four quarters of our BMI research that finances are, perhaps unsurprisingly, more stretched than ever. We are the UK’s largest travel underwriter so it was particularly interesting to see the research regarding travel insurance.

With personal injury claims now very much in the public consciousness following the Government ‘insurance summit’ in February it will be fascinating to note how attitudes to this issue change over time.”

British consumers have strong opinions when it comes to insurance ownership and making claims: more than eight in 10 agreed punishments as they stand are not tough enough to act as a deterrent to uninsured drivers.

Moreover, 88% agreed that they disliked the increasing claims culture and the marketing that is fuelling it. Indeed, 67% agreed that it was too easy to get personal injury compensation.