Diamond Insurance 'not Needed'

Published on 05/02/09

Britons have been warned that they may be buying cover on items such as gold diamond rings when it is not needed.

According to esure, 23 per cent of people surveyed would purchase a policy with a jeweller which would cover loss, damage or theft when splashing out on an engagement band or a similar piece.

However, the group states around 3.3 million adults have personal possessions insurance, meaning this extra cover is not needed.

Mike Pickard, head of risk and underwriting for the researcher, commented that consumers should do their homework before heading out onto the highstreet.

He added: "Before buying any jewellery this Valentine's Day, check what your home insurance covers before you start shopping for that perfect gift."

Mr Pickard went on to say those purchasing extra policies are "wasting money", stating having two forms of cover does not equate to double the protection.

A recent study found US residents will spend on average $102.50 (£70.16) on their loved-one this February 14th.