UK Money News
20th May 2008
Brits ignorant of how much insurance cover they have
Millions of Britons are unaware of how much insurance cover they have despite paying out thousands of pounds every year, a new survey has shown.
In a poll conducted by financial web site Fool.co.uk, some 39 per cent of those surveyed confessed they are unaware of the extent of their insurance cover.
This is despite the fact that the average sum paid out by a UK household in the form of insurance payments is £1,500.
David Kuo, head of personal finance at Fool.co.uk, said that the key to keeping costs of insurance down is prioritising and only opting for cover "against risk that you cannot afford to bear".
He added: "If you buy insurance you don't need then you are wasting money. But if you don't buy insurance that you do need, then eventually your decision will come back to haunt you.
"Not knowing how much insurance cover you have is just as bad. It's tantamount to playing a card game where everyone can see your cards except you."
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