Insurance makes loans cost more

Payment protection insurance is costing consumes £1 billion a year and can double the cost of a loan, Which? has found.Many companies automatically include this cover in quotes for loans, with a significant number failing to tell borrowers this, the consumer watchdog has said.This is despite the fact payment protection insurance is “expensive, gives limited cover, and can be useless for the self-employed or those on contracts” Which? added.Insuring a three-year £5,000 loan can cost more than £1