It launched research this week, ‘Legal expenses insurance’, showing most people assume legal expenses insurance is more expensive and restrictive than it actually is. For example, one third believed the cost of home legal expenses insurance to be at least double the typical cost of about £20-£30 per year.
According to the Financial Conduct Authority, about 15 million people have legal expenses insurance. However, the LSB researchers found that many people don’t even know they have it.
The study involved a week-long online forum with a demographically mixed group of 46 adults in March.
Steve Brooker, the LSB’s head of policy development, said legal expenses insurance ‘has the potential to protect more people from unexpected legal costs and is cheaper and covers more issues than many consumers think’.
