You are here: Home - Insurance - News -

Insurance ‘too confusing’ for third of consumers

Written by: Paloma Kubiak
Two thirds of UK consumers find general insurance too confusing and a third don’t understand how their insurance is priced, according to research.

The study by Co-op Insurance revealed that 66% of adults find insurance baffling, while 36% don’t understand how premiums are priced.

Almost three quarters (72%) said their insurer doesn’t give them enough detail about how the money they pay for insurance is used.

A quarter of those surveyed (27%) said they don’t understand why the price of insurance varies from year-to-year.

James Hillon, products and pricing director at Co-op Insurance, said: “The research findings show that people are not just confused about where their money goes when it comes to insurance, but that they do have an appetite to know more.

“We are looking at a range of options to explain how insurance pricing works to deliver information to consumers in more effective and easy to understand ways.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
financial troubles
Financial troubles cause stress for almost half of UK adults

Financial troubles cause stress for over 40% of the UK but more than half of consumers are unaware that utility...