Average risk-averse Brits will protect themselves by paying out nearly £100,000 over their lifetime in insurance premiums, according to a survey.

Research done by comparison website comparethemarket.com shows that with the multitude of relatively new insurance services such as pet insurance and wedding insurance, this figure is set to go even higher.

The survey looked at how much a sample of 1,000 Brits spend on different types of insurance, including home, car, travel and life premiums and revealed an average spend of £1,500 a year.

The most was spent on car insurance, an average of £43 per month.

This was followed by home insurance, £41 a month, £30 a month each on life cover and £10 a month on travel cover.

Mark Vile, from comparethemarket.com, told the financial news portal Personal Finance and Savings: "Most people will be shocked by just how much we shell out on insurance."

Brits can save themselves an estimated £13,000 over the course of their lifetime if they shop around for the best deals - a task made easier nowadays by the plethora of comparison websites.

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