As the credit crunch hits many people are likely to reduce their household spending on insurance services, according to an expert.

Research by YouGov for Deloitte has found a quarter of people who buy through price comparison sites want to reduce their insurance spending, with only 40 per cent saying they definitely would not cut back on policies in the next year.

David Rush, an insurance partner at Deloitte, has warned those considering cutbacks, saying they should consider which types of insurance are disposable.

"A short-term saving could cost a lot should an accident occur and adequate insurance cover isn't maintained," he added.

Car insurance premiums have increased by 8.2 per cent in the last year, meaning more people are struggling to pay them.

However, home insurance has dropped by 3.1 per cent compared to a year ago, making it more affordable.

Hayley Parsons from Gocompare.com has advised drivers who are struggling to pay car insurance premiums to shop around for cover.

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