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Cutbacks: don`t target insurance

By Matthew Plant - Financial specialist

23 November2010

In tough times, people are looking to cut back where they can, whether they`re short of cash right now or just worried about what the future may bring. When it comes to insurance, though, saving money in the short term could cost much more in the end.

A press release from the British Insurance Brokers` Association (BIBA) warns that more and more brokers are seeing individuals and companies alike cut back on their insurance protection.

The most common examples of this were deleting `non-essential` cover, increasing excesses and reducing the actual levels of sums insured.

So the BIBA recommends that motorists, homeowners and business owners seek some professional insurance advice.

It believes that people should be more aware of insurance - and more aware of the benefits of asking insurance brokers for advice - so it plans to issue its research to politicians and to the national media.

"Research really helps us to promote brokers in the media and to the Government," said BIBA Chief Executive Eric Galbraith, "so I really appreciate the time that our members spent completing the survey. Last year we gained some excellent coverage from the research and we`ll be aiming to achieve this again."

Tags: insurance, insurance brokers, advice, cut backs, but back

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