We are clueless about how much insurance cover we have

Consumers spend over £1,500 on insurance premiums annually, but don't know how much cover they have

One in three people (39%) have no idea how much insurance cover they have according to money website Fool.co.uk, but we typically fork out over £1,500 on six insurance products per year.

Some people insure everything they can: One in 25 people (4%) have over a dozen different types of insurance policies, and one in seven people (6%) say they try to insure everything they can.

But even they turn up their noses at twins insurance, which only pays out if an expectant mother has multiple births.

Research findings also show that one in ten (10%) think insurance is a waste of money.

Over half (60%) dislike insurance, but think it is a price worth paying.

One in four (23%) try to self-insure if possible.

They put aside money that they can use if anything unfortunate happens.

We spend over £1,500 on premiums: The average consumer takes out six different types of insurances at a cost of £1,550 a year.

This protects us for around £280,000 of unforeseen events.

In other words, for every £1 we pay in premiums every year, we expect to get back £180 if anything untoward happens.

Insuring the contents of our homes is by far the most popular.

It is taken out by nine out of ten people (89%).

It overtakes motor (85%) and pips building insurance (85%), which are compulsory requirements if you own a car or have a mortgage respectively.

We love our dogs as much as our dog and bone: Mobile phone insurance is taken out by one in eight phone users (12%).

It is almost as popular as pet insurance that is taken out by one in seven people (14%).

However, the more expensive laptop appears to be less valued.

Only one in 25 people (4%) have cover for the computer they lug around.

We are terrified about things breaking down: Roadside recovery is the most popular form of breakdown insurance.

It is taken out by six out of ten motorists (62%).

That's more than three times as many people (18%) who take out boiler insurance.

Elsewhere in the kitchen, one in 16 people (6%) are covered if their dishwasher or washing machines pack in, and one in ten (9%) has insured their drains.

David Kuo, Head of Personal Finance at Fool.co.uk, says: "The key to buying insurance is only to insure against risk that you cannot afford to bear.

"So, if you buy insurance you don't need then you are wasting money.

But if you don't buy insurance that you do need, then eventually your decision will come back to haunt you.

"Not knowing how much insurance cover you have is just as bad.

It's tantamount to playing a card game where everyone can see your cards except you.".

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