Downscaling your short-term insurance cover rather than ditching it is an option if you are cash-strapped as a result of the Covid-19 lockdown, but do so with extreme caution after you’ve exhausted the relief on offer.

Industry experts say to avoid exposing yourself to risk if you downscale, you should ask your broker to restructure your insurance. You may qualify for financial relief insurers are offering, ranging from accessing cashback bonuses early, discounted excess payments in the event of a motor accident, or even premium holidays...

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