Customers have been advised to avoid making unnecessary insurance purchases over the festive season.
According to home insurance firm esure, shoppers may risk increasing their debt by buying stand-alone insurance for gifts such as watches or mobile phones, when such cover could already be provided under their home contents insurance policy.
“Buying insurance that you don’t need or already have could add a significant sum to your total shopping bill,” head of risk and underwriting at esure Mike Pickard explained.
He added that it is “crucial” consumers know what is covered by their contents insurance policy, noting that buying unnecessary insurance “is the same as throwing your money away”.
Those struggling with debt management may wish to heed the advice and ensure they are not paying twice to ensure their valuables.
Financial pressure is preventing many people from saving to pay for Christmas this year, finance website fool.co.uk has suggested.
By Tom Musk