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 12 October 2008 13:44 BST

1m Brits left out of pocket from insurance policy

Tuesday, 01 Apr 2008 15:14
Failure to read the small print on insurance policies could be costly

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Research has revealed one million Brits have not been able to claim on a travel, home or car insurance policy in the last year because they weren't covered - despite believing they were.

The survey, commissioned by Tescocompare.com found many are either failing to read the small print, or simply not understanding what they are buying.

The study also showed a gender divide among those who did scrutinise their purchases carefully.

Women were almost twice as likely (37 per cent) as men to thoroughly read the ingredients on food and drinks labels (23 per cent), while men typically pay more attention to reading the small print on car insurance (56 per cent of men claim to do this compared to 50 per cent of women).

According to the survey, women are also more likely to check any credit agreements they get, and pore over the bank statements, while men are more likely to examine the fine print in a mobile phone, broadband or cable agreement.

But the research also found those that have had a claim turned down were more thorough when they read the small print on their insurance policy than the average Brit.

Some 61 per cent of those that haven't been able to claim on their car insurance in the last year claim they thoroughly read the descriptions and details of the policy compared to 53 per cent of Brits overall.

Paul Baxter of Tescocompare.com said: "Insurance polices can be complicated, and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren't."

Tescocompare said this mistake in purchasing typically costs £736.End of story


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