Don’t waste money on pointless insurance cover

Consumers are being warned by a UK consumer watchdog group not to waste their money on pointless insurance cover that will either never benefit them or that is unnecessary because the consumer is already protected via another means.

The warning comes from the consumer group Which?, with officials from the group claiming that every year a fortune is being wasted by consumers who take out various types of insurance that are often worthless.

This includes cover such as extended warranties, payment protection insurance, ID theft insurance, mobile phone insurance, and accidental death and injury cover.

In response the insurance industry has stated that it is up to the consumer to determine what sort of cover they want and need, and whether they have adequate protection.

However, an official from Which? stated: “The insurance industry’s favourite phrase is “peace of mind”, but it uses this to justify policies that cost a lot and are almost impossible to claim against. Instead of just blindly following what the salesman says, people should carry out a risk assessment of their own, and make an informed choice about whether they actually need the insurance, and whether it’s worth the premium.”