New research has found more than two-thirds of motorists in the UK plan to compare car insurance providers to see if they can make savings on the cost of their premiums.

According to a survey conducted by Insurance.co.uk, 68 per cent of drivers polled said they would actively shop around for an insurance provider to see how much money they could save.

The research also found more than half of the population plan on cutting back on how much they spend on servicing their cars and their MOTs, which could have serious consequences for road safety, the price comparison site said.

Should motorists cut down on car maintenance it could lead to less roadworthy vehicles being on the road, which could lead to more accidents and in turn, an increase in car insurance costs.

According to Steve Grainger, head of the company, the credit crunch is putting a huge strain on people's finances and urged consumers to save money wherever they can.

"In the current climate, it's more important than ever that motorists take stock of their finances and realise the savings that could be made by shopping around for insurance cover," he said.

David Kuo, head of personal finance at Fool.co.uk, recently claimed motorists who do not buy the level of car insurance cover they need could regret the decision later on.

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