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Merry Techmas: Brits splash the cash on tech gifts but nearly half are not insured

15/12/2020 · News · Insurance2go

Despite nearly one in ten people (9%) admitting to spending between £300 - £400 on tech in the run up to Christmas, nearly half (47%) admit that none of their items are covered by either an existing or a new insurance policy, potentially leaving many shoppers caught short this Christmas.

New research by specialist insurance provider, Insurance2go, has revealed that a staggering number of those forking out for new tech this year admit their gifts aren’t covered by insurance. Having an appropriate policy in place means your family’s gifts are insured should the worst happen, and you will be protected from the financial impact should you have gifts stolen or damaged before the big day. However, according to the research, just 22% said they were confident their tech gifts were insured.

Cities spending the most on tech gifts this Christmas are:

  1. London - (£340 average spend)
  2. Belfast - (£291 average spend)
  3. Manchester - (£250 average spend)
  4. Southampton - (£249 average spend)
  5. Birmingham - (£245 average spend)

Although spending the second highest amount in the country on tech, people of Belfast are the least likely to have insurance cover, with a whopping 67% admitting to having no cover. Newcastle and Cardiff are the cities most likely to have insurance cover for their new tech gadgets, with nearly a third (29%) saying their gift purchases are covered.

As the festive season gets underway, it is those aged between 25-34 years old who are splashing the most cash, spending an average of £378 on technology. However, less than one-fifth of those in this age group (19%) have gadget insurance cover on all of their tech. It is those aged over 65 who are the least likely to have their items covered by an insurance policy, with a huge 60% saying none of their new tech items are insured.

Whilst 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 cover2. With this in mind, Insurance2go  suggests shoppers make the right preparations this year to avoid getting caught out.

Richard Gray, Head of Marketing and Digital at Insurance2go, comments: “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.

“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.”

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