Cost-conscious drivers could put the brakes on insurance premiums by shopping around for the best deals.

Price comparison website MoneyExpert.com estimates that motorists could cut their bill by an average of around £158 just by switching to the best available deal.

Homeowners could save an average of £76 a year on home insurance costs.

Not only that, it says, but by seeking out the best available deals for all five financial basics including mortgages and loans, households could lop off a not to be sniffed at £547 a year, just by shopping around.

Sean Gardner, chief executive of MoneyExpert.com, said: "With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs.

"Not everyone will save that much but four out of five of us are overpaying for at least one of the financial basics. Typically, UK consumers are paying out £150 per year more than they need to."

He concluded by urging people "to spend just a few minutes online to review their finances".

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