CONSUMER SPENDING ON INSURANCE OUTSTRIPS CLOTHING AS PREMIUMS RISE
Mon, 20 May 2019
According to the latest figures from the Office for National Statistics, household expenditure is on the rise. Families are now spending more per week than at any time in the last 14 years and dedicating more of their funds to protecting their property than they do on essentials such as clothing and travel passes.
In fact, according to the data, households dedicate an average of £915 per year to purchasing products which give them peace of mind when it comes to protecting their homes, cars and pets. This is particularly noticeable in the motor industry where insurers have reported that the rising cost of repairing increasingly high-tech cars is a major driving factor for the industry’s current level of price increases.
While motor insurance is a legal requirement, and as such impossible for motorists to avoid, other areas such as home insurance are, in effect, optional. Therefore, some homeowners can become tempted to avoid paying the increased premiums and remain uncovered as a result.
Nationally, around one in ten properties has no home insurance, according to recent research, with that figure rising to one in three among households with lower incomes. These properties risk losing it all in the event of a fire or flood, or facing high bills for damage caused by freak accidents such as leaks or electrical faults.
Of course, insurance brokers are in the perfect position to help, and can talk to customers to ensure that they are able to pay for the insurance they need without stretching their household budget to breaking point. One of the best ways to do this is through a trustworthy Insurance Premium Finance solution.
This allows homeowners to protect their most valuable possessions, giving them the opportunity to break their payments down into affordable monthly instalments. For brokers, this increases the likelihood of their customer choosing to follow through with their purchase and can even speed up their decision making process.
Here at BNP Paribas Personal Finance we’ve worked closely with brokers across the UK to develop an Insurance Premium Finance solution that works and delivers what matters most to customers, notably transparent, competitive rates, flexibility and a fully accessible customer service team
Working across both personal and commercial lines, we have more than 21 years of premium finance experience. Our UK based call centres offer leading customer service, which means you know that your customers will be looked after should any issues arise. And because we’re part of a global bank, you can be sure that you’re working with a responsible and transparent finance provider.
Find out more about the Insurance Premium Finance solutions that BNP Paribas Personal Finance provides by clicking here or calling 0121 712 9286.