Which? has warned consumers that they could be wasting thousands of pounds of their hard earned cash on unnecessary insurance. The consumer body said that life insurance, car, buildings and contents insurance was vital, however it argued that other policies such as extended warranties, ID theft insurance and payment protection can prove to be a waste of cash.
The company recommended that people reviewed their current insurance policies to ensure they had adequate cover. Many people are paying for new insurance for things they are already covered for by existing policies, and some are taking out cover which is very unlikely to pay out.
An example of this is identity theft insurance purchasers, who are already covered by their bank or building society under the banking code, which specifies that the victim should be reimbursed.

Which? went on to assert that life insurance policies often include accidental death and injury cover, and mobile phones are covered by contents insurance. It pays to be insured in case anything should happen, but paying out twice for the same thing is a waste of money.
Payment protection insurance (PPI) has come under scrutiny from Which? for a long time, the company has pointed out high premium prices […]

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