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In an attempt to cut costs and save money during the credit crunch, many Brits are making changes to their car insurance policies, new research has shown.

According to statistics published by Sainsbury's, an estimated 432,000 people in the UK have reduced their car insurance cover.

It was also discovered that around 147,000 people have given up or cancelled their policy, despite it being a legal requirement.

Neil Laird, Sainsbury's Home Insurance manager, warned that giving up a car insurance policy is not the best way to try and save.

He explained that "policies vary a great deal, and cancelling your cover or opting for a cheaper deal that doesn't offer adequate cover could have serious financial consequences when something goes wrong".

Meanwhile, Saga has found that 37 per cent of motorists are reducing the number of miles they travel each week to save money.

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