Most insurers know that when it comes to renewal time, around 70% of their customers will accept the quote, without even seeing if they could get it cheaper elsewhere. This could be because the customers feel don't have the time or the inclination to bother or genuinely believe they are being offered the best deal there is.

However, this complacency could cost the consumer tens – even hundreds – of pounds every year. Insurers are running a business after all and most will not reward their customers with cheaper premiums for loyally sticking by them.

By shopping around – either by going online or by using an independent broker - you could save yourself a hefty wad of cash and it doesn't have to be a time consuming exercise.

And while the average consumer is probably sick of being told that “you must shop around” even the Financial Services Authority (FSA - which is the independent regulator set up by Government to look after the financial services industry and protect consumers – advocate it!

Do note however that when looking for a cheaper deal, whilst price is important, you should never, ever compromise on cover. No doubt, there will always be an attractive home or motor insurance deal available, but the cover may not be adequate for your needs. The sum insured may not be enough or the policy may not have the same features and benefits.

Therefore, always compare any new quote on a like for like basis with your existing cover and not forgetting to look at the small print and any exclusions.

It doesn't take long to get alternative quotes and in most cases, you'll be quids in!