A price comparison site is urging customers looking to save money in the current economic climate to shop around for their car and home insurance following news premiums have risen above the rate of inflation.

Gocompare.com claims the rising cost of personal injury claims, coupled with the damage done to people's homes by last summer's floods has left companies with no choice but to increase the cost of cover over and above the rate of inflation.

According to the website, the best option available to consumers is to search and compare different premiums to find the most suitable product on the market.

"The message to consumers is to shop-around. Not all insurers are hiking premiums and different providers take a different view of each individual and the risk they represent. As a result, it is more important than ever that consumers shop around," a representative said.

In other news, research from Tescocompare.com found one in ten British motorists have never switched car insurance providers out of loyalty to them.

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