An industry figure has claimed motorists who do not buy the level of car insurance cover they need could regret the decision later on.

David Kuo, head of personal finance at Fool.co.uk, believes consumers who buy insurance they do not need are wasting money but those who choose a deal which does not provide them with the level of protection they require could pay the consequences later.

As the credit crunch puts more pressure on people's finances Mr Kuo claims consumers should sift through the policies they have and decide which ones are dispensable.

He believes home and car insurance cover are particularly important to have while people should consider the value of having any other policies.

"If you buy insurance you don't need then you are wasting money. But if you don't buy insurance that you need, then eventually your decision will come back to haunt you," Mr Kuo said.

Recent research by YouGov and commissioned by Deloitte found 26 per cent of consumers who buy insurance from a price comparison site are looking to reduce their insurance spending.

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