People are cutting back on their insurance policies as the economic downturn in the UK continues, it has been claimed.
Edmund Tirbutt, a freelance finance journalist, said that cutting down on cover was a "dangerous fault" to make, suggesting that car, life and health insurance were getting more expensive.
Mr Tirbutt also pointed out that by scrimping on insurance now, people could face difficult financial decisions in the future.
Research from Bright Grey shows that around 63 per cent of people have had to rein in their spending habits because of the current state of the financial economy - with seven per cent being forced to reduce the amount of money they spend on insurance policies.
A Prudential survey from January this year shows that
life insurance is the most important cover to 35 per cent of people - but one in ten say they would sacrifice it for the purpose of budgeting.
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