Travel insurance cuts "a real concern"
A spokesman for Sainsbury's Finance has commented on "worrying" research that shows people are cutting back on travel insurance and other items of cover.
Neil Laird, manager of Sainsbury's home insurance division, warned that swapping comprehensive insurance polices for cheaper, less adequate alternatives or doing without cover altogether "could have serious financial consequences when something goes wrong".
He said that it is understandable that people would be looking to save money in the current economic climate, but claimed that "it's a real concern when those cut-backs leave them vulnerable to far greater expense down the line".
An estimated 82,000 people have reduced travel insurance cover, while 465,000 have given up or cancelled policies completely, according to Sainsbury's statistics.
Home contents, home buildings, life, pet and car insurance were also cut back on by more than 100,000 consumers.
In a Department of Health press release issued last month, Dr Hilary Jones of GMTV claimed that comprehensive holiday insurance is "vital" for any traveller.
Cheap travel insurance from Direct Travel Insurance can cover a trip to Europe or long-haul destinations all for a low price.
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