Britons 'to reduce travel insurance'

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A number of people in the UK are planning to reduce the amount of money they spend on travel insurance, according to a new study.

Research by American Express found that around 14.5 million Britons are planning to cut back on a number of financial products and also take breaks abroad without adequate cover.

It is believed that the rising cost of living is behind the decision of many people to make the move.

Chris Rolland, head of American Express Insurance Services, said: "If it is a case of people cutting back on travel insurance in order to afford their holidays then perhaps they should think twice before booking.

"Should something happen, the current economic market means that the last thing Brits need now is an unexpected bill."

A new report by Sainsbury's recently claimed that students should check their parents' home insurance policies before heading off to university.

The retailer's study found that a third of standard products cap cover for those living away from home at £3,750 or less.

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