12th May 2021
Insurance customers increase borrowing to afford vital cover
Insurance customers are increasing the amount they borrow so they can continue to afford cover as the COVID-19 crisis squeezes household finances, new research1 from the UK’s leading premium finance company, Premium Credit, shows. Premium Credit’s research found that over the past year, 16% of people have borrowed more to help pay for their insurance cover, compared to 6% who have taken on less credit or the same amount. Of those people using credit, on average they have borrowed £598 extra over the previous year to pay for their insurance needs, Premium Credit’s Insurance Index study found.