Many people have no idea what kind of insurance they have got

House fireHouse fire.Photo. NTB / scanpix.Jens O. Kvale

450,000 Norwegians have no idea of which insurances they have got, a new survey shows. – The figures are frightening and discouraging,  a consumer economist says.

The survey, which was made on behalf of SpareBank 1 Insurance also shows that more than 300,000 do not even the names of the company with which they have taken out an insurance.

The ones who know the least about their own insurances are young people, half of those between 18 and 25 years do not know what kind of insurances they have got.

– This is discouraging. The lack of knowledge indicates a carelessness and lack of awareness. If accidents should happen, they risk big losses if they are not insured.

I consider the people with that attitude to be gambling with their own finances,   Magne Gundersen, consumer economist in SpareBank 1 says.

Gundersen believes the amount of insurances you have to get, if you want to cover all the areas of your life, could be part of the reason why many have lost track of their own insurances, but says that you have to find out  which insurance you have got and which ones you need. His advice is clear:

– Becoming disabled as a young, ill when abroad or losing property in  a fire brings big economic consequences. To avoid being brought down economically by such disasters, These kinds of situtations I strongly recommend that people insure themselves against. If you have to go without some insurances, it’s better to go without insurances for things like the TV or washing machine,  says consumer economist.


Source: NTB scanpix / Norway Today

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