LV= warns of cuts to home, motor, travel and pet cover
Five million Britons are planning to cut their insurance cover over the next 12 months, with more than two million cancelling or cutting home insurance, according to a survey by LV=.
More than one million people are cutting their insurance cover because they say they simply cannot afford it, the survey found.
- 44% were considering cancelling or reducing their home insurance policy
- 29% of people will cut flood cover
- 37% said they are considering downgrading their car insurance
- 22% said they plan to cut or reduce their travel cover
- 18% said they are looking at culling their pet insurance.
On average, those who are planning to cut their insurance cover this year believe they will save £125 over the course of the year, working out at just £10.41 in savings a month.
John O'Roarke, managing director of LV= general insurance said: "It's understandable that people are looking to ways in which they reduce their outgoings, however cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens.
