You are here: Home - Insurance - News -

Millions of people forced to cancel insurance policies they can’t afford

0
Written by:
21/05/2019
Millions of people are being forced to cancel their insurance policies because they can no longer afford them, shocking new research reveals.

A study by finance company Premium Credit found 38% of people have cancelled one or more insurance policies over the past three years, and 56% of these cancellations occurred in the past 12 months.

The two main reasons people gave for cancelling their insurance were rising premiums and a fall in income.

The most popular forms of insurance to cancel were pet and travel, followed by health and life.

Worryingly, 10% of people have got rid of their car insurance despite around a quarter admitting to still having a car.

The research also found that 51% of people who have a mortgage don’t have home insurance, which most lenders require them to have.

Adam Morghem, of Premium Credit, said: “It is shocking to see so many people missing out on vital, sometimes legally necessary cover due to cost or concerns over payments. This is leaving millions exposed to unnecessary risks and potentially even greater costs further down the line.”

The study predicts that over the next 12 months, some 12 million people are considering cancelling insurance policies.

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.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

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