Context
New independent consumer research, conducted by Viewsbank among a nationally representative sample of 827 aged 18-plus between 7th and 10th March 2025, shows that Insurance customers increasingly are accepting the use of credit to pay for cover as they look for ways to improve budgeting and make their money work harder.
Key points to note and next actions
- PCL’s Insurance Index shows a sharp rise in number of consumers willing to use credit.
- Increasing financial confidence and more credit being available are helping to drive the trend.
- The Insurance Index shows that nearly a third (30%) of consumers say they have become more willing to use credit for insurance payments in the past year confirming a growing trend.
- The recent study found that being accepted for credit is an issue for some – with 19% saying they have found it harder to secure credit since the beginning of the cost-of-living crisis; 15% have been turned down for a credit card over that period.
- Premium Credit research shows more consumers are working harder to find the best price and quality of insurance cover. This year, 70% say they are putting more time into shopping around compared with 62% last year and 53% in 2023.