UK consumers confused by insurance

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Despite spending £1,550 on various insurance policies every year, the average British consumer is in the dark as to how much cover this hefty sum has given them, a new study has revealed.

The research by finance website Fool.co.uk, found that a significant number of consumers, (39%), had more than twelve policies, including car and home insurance, but struggled to keep abreast of what cover their various deals provided them with.

The survey also revealed that 23% of respondents felt insurance was a waste of money and did not take it out, instead opting to save enough to pay for life's unforeseen accidents.

The opposite view point was taken by just 6% of those asked, with this group preferring to take out insurance on everything possible.

Home insurance proved the most essential cover, with 89% of respondent having bought it.

In second place with 85% were car insurance and buildings insurance.

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