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Britons neglect cover amid squeeze on finances
16 September 2008 11:00
People feeling the pressure on their household budgets are extremely willing to sacrifice several insurance products in order to cut their costs, according to a new survey.
Whereas the annual rate of inflation accelerated to 4.4 per cent last month, according to official figures, a recent report by Mercer Human Resource Consulting estimated that wages would rise by just 3.1 per cent over the course of this year.
In this climate, nearly one in three people would consider giving up their payment protection cover, American Express's new poll has found, while over one in four would get rid of their health cover and almost as many would do likewise with their travel insurance.
One in six would also stop making payments on their pet insurance in order to save money, with one in 12 willing to forfeit their home contents cover, one in 33 their buildings cover and one in 50 their car insurance.
American Express's head of insurance services Chris Rolland expressed concern at this readiness among Britons to forego their insurance products, warning that this could prove a false economy should something subsequently happen to them.
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