June 25, 2009

Brits are cutting back on their insurance spending in an attempt to save money. Or so say Sainsbury’s Finance.

Their latest press statement suggests that nearly 950,000 UK residents have either given up or cut their home contents insurance, whilst another 700,000 have reduced or stopped payments for their buildings protection.

Nearly 600,000 have reduced their car insurance, and over half a million have dropped their life insurance policies to pay “more important bills.”

Sainsbury’s home insurance manager, Neil Laird, warned (a little late for some) that reducing or axing insurance cover could have “serious financial consequences – were anything to go wrong.”

To see how the situation has moved on since we last “covered” this story in April, click here.


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