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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Saturday 4th October 2008
The problem about the insurance market is the fact that each type of insurance is there for a reason even if it is not compulsory. However, when people are short of money, as many are in this current financial crisis, it can be very easy to either cancel or reduce all kinds of insurance cover from the car to your home, from the pet to your healthcare. But there are risks involved and sometimes it can be a false economy.
Imagine that you cut your car insurance down to the bare bones and were in some kind of accident whereby your car was written off but you were not covered for this. While you could have saved a few hundred pounds a year by cutting or amending your car insurance you would be left with no vehicle, probably no money to buy a new one which could in turn affect your ability to work and family life.
What you have saved on the insurance would be totally irrelevant in such a situation as mentioned above and you would actually end up worse off than before. Do not forget that insurance is there for a purpose and each one you took out you took out for a reason. The risks are there for all to see... |
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