One million Britons a year are not able to claim on a travel, home or car insurance policy because the policy was not suitable for them, new research has shown.
The study, conducted by car insurance website Tesco Compare revealed that the average cost of purchasing unsuitable insurance is £736 a person.
It also found that despite around half of people (56 per cent of men, 50 per cent of women) checking the small print on their car insurance policy, many seem not to understand it.
Paul Baxter, of Tescocompare.com said: "Insurance polices can be complicated, and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren't."
He added that people should not buy car insurance on price alone, but take the time to check that the policy they are taking is suitable for them.
Yesterday, Richard Mason of Moneysupermarket.com warned that driving without car insurance is a "false economy".
Small print warning over car insurance
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Small print warning over car insurance
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