UK Money News
3rd December 2007
Hiding places 'may not be insured'
With much of the Christmas shopping under their belts, many UK shoppers have pursued the next in a list of festive traditions by finding places to hide their gifts.
However, Abbey is questioning quite how secure such hiding places might be and is warning homeowners to avoid the personal finance disaster that could follow a theft.
According to the firm, 13.2 million people choose to hide their gifts in a garage or shed, while the average value of hidden presents amounts to £98 per person.
Prasad Shastri, head of insurance marketing at Abbey, said: "Friends houses and sheds may seem like good hiding places for presents, but people should be aware that these places may not be covered by your insurance.
"You may want to check with the person storing your gift that they are appropriately covered so that you don't end up losing out this Christmas."
The personal finance provider's figures suggest that, in total, £946 million worth of presents are due to be hidden in places not covered by the purchaser's insurance in the coming weeks.
In related money news, the firm recently stated that while 2.9 million people started their Christmas shopping last January, November remains the most popular month for getting the gifts in.
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