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Brits 'recognise the importance of cover
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Written by Fran Newton, 04/08/09
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Britons are not cutting back on cover, such as bike insurance, and continue to understand the importance of having such protection in place.
Research conducted by moneysupermarket.com found that only four per cent of homeowners are considering cancelling their policies during the recession, with similar figures applying to those with a type of motoring cover.
Insurance expert Steve Sweeney said: "It is great to see that Brits have wised up to the perils of cancelling important insurance policies.
"Despite the fact it is illegal to drive a car uninsured, cancelling motor and home insurance will prove a costly false economy."
The survey revealed that other kinds of insurance may not fare so well, with consumers cutting back on stand-alone policies for their mobile phones and home applianceS.
Furthermore, loan payment protection insurance was under threat of cancelation by 19 per cent of Brits, while six per cent would contemplate not renewing their mortgage payment protection.
Private medical insurance was also considered a luxury by ten per cent of respondents.
Meanwhile, the Association of British Insurers has stressed the importance of a strong and competitive insurance indsutry in the UK.
The body said that a thriving insurance industry would offer consumers a "wide range of risk management tools".
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