Insurance news
A lifetime of insurance
15 November, 2007
Insurance premiums over the average lifetime are set to reach £100,000 for the first time ever, according to latest research.
According to a study for price comparison site comparethemarket.com, the average Brit shells out £90,777 in insurance premiums over their lifetime. And taking into account the plethora of insurance policies now available - including pet, wedding and legal protection - the average figure is set to touch six figures in the coming years.
The report surveyed a thousand Brits on how much they spent on different types of Home, Car, Travel and Life premiums – revealing that on average we shell out over £1500 a year on insurance cover. We spend the most on Car Insurance (an average of £43 per month), closely followed by Home Insurance (£41). We also spend on average £30 each on Life insurance a month and a tenner on travel cover.
The study also asked Brits what they claimed back on Insurance, with the results showing that we are a nation who are not afraid to recoup cash when things go wrong. In the last five years, over 60 per cent of people have claimed back an average of £1,000 or more in home contents or buildings insurance, and over 55 per cent have reclaimed £2,500 or more in car claims. More than 52 per cent have also made a claim of around £1,000 or more in travel insurance in the last five years.
Despite us shelling out record sums in insurance cover, it’s revealed today that with the advent of price comparison sites, Brits can save themselves over £13,000 - the equivalent of a brand new, top-of-the-range family car - across their lifetime if they shop around for their insurance by using price comparison sites. Invested wisely, the savings could net the savvy shopper an additional £42,000 in the same time period.
Mark Vile, spokesperson for insurance price comparison site comparethemarket.com says, “Whilst the need for cover is imperative, most people will be shocked by just how much we shell out on insurance. However, it is now so easy to compare insurance cover and prices and find affordable deals, we are confident we can save the average person a fortune over the course of their lifetime.”
Bookmark with:
