Consumers who are looking to reduce monthly outgoings as their personal finances come under more pressure could consider shopping around for home and car insurance cover, one industry figure has claimed.

Paul Baxter, director of commercial and partnerships at tescocompare.com, believes those who are searching for ways to save money can do so by comparing different deals before accepting the renewal quote offered by their current provider.

Mr Baxter made the claim after new research from the price comparison site revealed 64 per cent of people did not switch their home insurance cover at the last renewal date, despite the fact 44 per cent incurred increases in costs.

In addition, only one-third of motorists changed their provider over the last 12 months, while 36 per cent revealed they have been with their current insurer for three years or more.

"With the credit crunch in full swing and people tightening their belts, this is an area where savings can easily be made. We encourage everyone to check the competitiveness of their renewal premium before accepting it," he said.

In other news, Graeme Trudgill, from the British Insurance Broker's Association, has warned consumers not to cut back on home insurance for their holiday properties as they could run into expensive problems should something happen to the buildings.

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