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Cheap insurance 'could spell disaster'

Britons opting for the cheapest insurance policies could find that they are covered for less than they think, an industry organisation has advised.

The British Insurance Brokers' Association (Biba) has said that young adults are most likely to be at risk due to their tendencies to make decisions solely on price and via the click of a button over the internet.

Almost half of 18 to 24-year-olds say they make their insurance purchasing decisions based solely on price, compared with the 70 per cent of over-25s who see cost as just one of many necessary considerations.

"The ability to buy online is a method many people use to buy insurance protection, but consumers must ensure they are getting the right product for their demands and needs," said Eric Galbraith, chief executive of Biba.

"Biba is concerned younger people are purchasing cheap insurance products, without ensuring they have the correct cover, excess, premium or installment plan for them," Mr Galbraith added.

Several travel insurance policies are too cheap to pay out adequately in the event of an accident, a study from financial research firm Defaqto found last week.

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