Yahoo Finance Brits splashing the cash on tech but forgoing insurance this Christmas
Brits are splashing the cash on tech gifts this Christmas, but nearly half are not insured, research suggests.
Despite nearly one in 10 people (9%) spending between £300 and £400 on tech in the run up to Christmas, nearly half (47%) have not insured any of these items, a survey of 2,000 by insurer Insurance2Go found.
This includes under both new and existing insurance policies, and could leave many shoppers short this Christmas should “the worst” happen, the firm said.
Having an appropriate policy in place means your family’s gifts are insured and you will be protected from the financial impact should you have gifts stolen or damaged before the big day.
But just over a fifth (22%) of shoppers, overall, said they are confident all their tech gifts are insured.
READ MORE: Half of Brits spiralling into debt to pay for Christmas
The research found that despite spending the second-highest amount in the country on tech – a whopping £291 – the people of Belfast are the least likely to have insurance. A massive nearly seven in 10 (67%) admitted to having no cover.
Meanwhile, those in Newcastle and Cardiff are the most likely to have insurance for their new tech gadgets – although still less than a third (29%) said their gift purchases are covered.
What's more, it's those aged between 25 and 34-years-old who are splashing the most cash on technology, spending about £378 each. But less than a fifth (19%) of people in this age group have insurance on all of their tech items.
However, those over 65 who are the least likely to have items covered, with three in five saying none of their new tech purchases are insured.
While some home insurance policies may increase the amount of cover they offer over the festive period, this isn’t always the case and is only relevant for those with contents cover.
READ MORE: Brits to spend £2bn on Christmas lights in 2020
With this in mind, Insurance2go is urging shoppers “make the right preparations this year to avoid getting caught out”.
“At this time of year, many homeowners take the necessary precautions to step up their home security, spurred on by darker nights and houses full of expensive gifts wrapped up for Christmas,” said Richard Gray, head of marketing and digital.
“Loss or damage should be the last things people worry about over Christmas, so taking that time to ensure those big-ticket items are covered before the big day will offer that extra peace of mind.
“By getting insurance to cover your tech, you can protect your investment and avoid disappointment on Christmas Day if the worst does happen.”
Watch: Don't let the 'Console Grinch' ruin Christmas
