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Study shows consumers not 'clued up' on insurance

(28 Feb 2007)

Going on holiday? – Get a great deal on travel insurance

Consumers are more interested in getting competitive offers on electrical gadgets rather than insurance policies, a new study suggests.

According to figures by the Financial Services Authority (FSA), some 70 per cent of Britons claim they shop around for deals on products for the home. However, only 43 per cent state they compare deals on life insurance.

Director of retail themes Vernon Everitt said: "Insurance plays an important part in protecting our families, homes and possessions.

"But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions."

The survey also revealed one in four consumers thought it was compulsory to purchase travel insurance from their holiday agent when booking a break.

However, the FSA advises that people should shop around for the most competitive travel insurance policy they can find.

The report also added that 52 per cent of those polled claim they found it too complicated to compare insurance products.

Meanwhile, about 49 per cent of respondents claimed they were unsure what their insurance policy covered.

Last week a study by the British Insurance Brokers' Association revealed 97 per cent of consumers want the government to protect them from those travel agents who do not fully explain details of travel insurance policies when selling the cover as part of a package holiday.

However, tourists will be glad to know that Go Travel Insurance offers a range of comprehensive travel insurance policies covering a variety of sports and activities.

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