Research carried out by swiftcover reveals that, at present, Britons are losing out on an "enormous" 1.9 billion pounds each year on their annual car insurance premiums by not choosing to take out such a policy over the internet. Overall, it was revealed that there are some 34 million car drivers in the country. In taking the time to select a competitive online deal, it was claimed that a 50-year-old Bolton male driver could save up to 200 pounds, with this rising to around 350 pounds for a 25-year-old female motorist.

In an attempt to reduce the financial burdens that taking out a motor premium can have, swiftcover stated that by fitting an immobiliser, car alarm or tracking device to their vehicle, consumers could find that their costs are reduced. Meanwhile, parking an automobile in a garage or off-road, as well as driving a small car, could result in lower insurance costs.

Furthermore it was suggested that those who choose to purchase an environmentally-friendly vehicle, for instance a Toyota Prius or Honda Civic, could find that they receive a discount on their premium costs. Drivers were also advised against taking for granted that the renewal quote offered by their existing provider will be the best one available and that as a result they should carry out as much research as possible into getting the most cost-effective quote. In addition, the company advised that those who add their partner to their insurance policy may find that they are able to make savings.

And in reducing the amount of money they are paying towards their motor insurance it is possible that consumers could meet other vehicle-related expenses such as MOT, repairs and petrol costs with greater affordability. Such savings may also assist them in paying UK personal loans, credit cards and utility bills.

Commenting on the findings, Tina Shortle, marketing director at swiftcover, said: "With household bills rising ever higher, it seems crazy that UK consumers should willingly waste over 1.9 billion pounds by sticking with the same old insurer year after year. Smart consumers know that an online insurance company is likely to be cheaper because it doesn't have to pay hundreds of call centre staff and can pass on the savings to its customers."

The research comes as March 1st, the day that cars with the latest registration plate go on sale, approaches. According to swiftcover, this may be one of the busiest days of the year for car dealers.

As such now could be an ideal opportunity for those looking to get a new vehicle or simply renew their policy on their existing automobile to take steps to keep their insurance costs down.

For those looking to further reduce their monetary pressures, taking out a low-cost loan for debt consolidation purposes may be advisable. A cheap loan could allow borrowers to merge a number of demands on their spending at once into a single low-cost repayment. Last year, research carried out by Experian revealed that comprehensive car insurance costs within the broker market rose from 495 pounds to 538 pounds between the course of June and July, with third party, fire and theft policies increasing from 570 pounds to 632 pounds during this period of time.