You are here: Home - Insurance - News -

One in five Brits don’t read home and car insurance T&Cs

Written by:
A fifth of UK adults may not have the home or car cover they need because they never check the details of their insurance policy.

A survey by GoCompare found 19 per cent of people never read the terms and conditions on their home or car insurance documents.

Some 21 per cent said they sometimes checked the details of their car insurance and 19 per cent occasionally read the small print of their home cover.

One in four (24 per cent) said T&Cs were too long (24 per cent), while 17 per cent admitted they don’t care about details, just about price.

A further 16 per cent claimed they know all they need to know before they buy, and 15 per cent said they don’t have time to worry about the detail.

Some 13 per cent said they don’t understand the T&Cs and six per cent said the writing is too small.

Ryan Fulthorpe, home and car insurance expert at GoCompare, said: “Car and home insurance are two of the most common kinds of policy available on the market today. Home insurance in particular has never been more important given that a lot of us are now working remotely, and others have spent the pandemic making significant improvements to their houses and gardens.

“It’s worrying to think that a significant amount of the population hardly ever – or at best occasionally – check the terms and conditions of these policies.

“It’s a false economy to take out an insurance policy and not check the detail as you could face being out of pocket if the insurance that’s in place to protect you isn’t valid.”

Around half of those buying both types of insurance said they always check the T&Cs.

Fulthorpe added: “As an industry, we should be concerned about this and looking at a way we can improve these findings. Whether that’s making policy information clearer or shorter is to be decided, but there is clearly a way to go when it comes to making sure consumers are not only putting the right kind of insurance policies they need to protect themselves in place, but also keeping insurers up to date too.”


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

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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