Ethical car and bicycle insurer ETA has challenged figures quoted in a recent press release from LV= claiming that 12% of Britons are considering reducing or cancelling some type of insurance policy in the light of the current recession ‚ and that 37% of these are ready to downgrade their motor cover.
LV= warned that people failing to purchase legally required cover could be hit with a hefty fine and lose their licence. ETA suspects LV= is being alarmist, however, citing as evidence it’s own survey findings that only 1% of motorists are prepared to go without insurance altogether.
Bankstone News is not entirely sure whether, or how, these claims actually contradict one another, since 37% of 12% is only 4.5% of the total sample, with no split specified between downgraders and cancellers. Assume a ratio of three to one, and the two sets of findings seem broadly aligned. Far be it from us, though, to dampen the flames of smouldering controversy.