Virgin Home Insurance - Cutting down on cost, not cover

Virgin Home Insurance - Cutting down on cost, not cover

'Costly insurance errors' hit Brits


'Costly insurance errors' hit Brits

A new survey has revealed that nearly two-fifths of Britons have suffered a "costly mistake" regarding their insurance cover.

Vision Critical revealed that three-fifths of these Brits had inadequate insurance coverage for both accidental damage and theft, with two-fifths of people paying more than £200 to repair or replace damaged or stolen items.

The sum came to more than £500 for more than a fifth of people.

The trend revealed in the study is of concern given that 60% of Britons said they have experienced accidental damage or theft.

Three fifths of home insurance purchasers admit they do not trouble to read the full terms and conditions of their policy and 47% skim through the main points.

The study suggested that adults are the chief culprits behind costly damage, with 30% of people blaming these incidents on themselves or other adults living in their house.

Copyright © Press Association 2012

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