Why you might be paying for the same thing twice without realising

Most people are aware that they sometimes buy things on impulse or spend more than they meant to on a night out. What is less visible is paying for exactly the same thing through two different channels simultaneously, because both payments look legitimate and neither obviously duplicates the other. This kind of overlap is surprisingly common and tends to accumulate silently.

Travel insurance you are already getting elsewhere

Many packaged bank accounts include travel insurance as a benefit. Some credit cards include purchase protection and travel cover as standard. If you are also paying for a standalone annual travel insurance policy, you may be paying for cover you already have. Check what your bank account or credit cards include before your next renewal. The overlap is not always identical, so checking the small print matters, but it is worth reviewing before you spend money on a duplicate policy.

Breakdown cover included with your car or bank account

Some new cars come with roadside assistance for the first year. Some bank accounts include breakdown cover. If you are paying separately for AA or RAC membership, check whether you already have equivalent cover through another product first. Again, the terms may differ, but very often people discover they have been paying twice.

Streaming services you are already getting through your phone or broadband

Several UK broadband and mobile providers include streaming subscriptions as part of the package. Sky customers may already have access to content they are also subscribing to elsewhere. Some bank accounts include subscription benefits. A few minutes checking your broadband, mobile, and bank account benefits pages can identify services you are paying for twice.

Life insurance or income protection through your employer

Many employers offer death in service benefit, which provides a lump sum to your beneficiaries if you die while employed. Some also offer group income protection. If you have taken out standalone life insurance without checking your employment benefits first, there may be some overlap. This does not necessarily mean you should cancel the private policy, which may cover periods of unemployment or self-employment, but it is worth understanding what you have before paying for what you do not need.

How to check

Set aside an hour to go through three things: your employee benefits statement or handbook, your bank account features, and your credit card benefits. List what each includes. Then look at your regular outgoings and identify anything that might duplicate what you already have. It is a boring hour, but the savings often make it one of the most financially productive things you can do this year.