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On your bike! We're ditching the car as fuel costs hit home
Monday August 20th 2012
On your bike!
We're ditching the car as fuel costs hit home
According to research by insurer helpucover, 89% (1) of us are worried about the cost of fuel and have made changes to our driving habits to try to save money.
Of those people who responded to a survey, 56% said that they had reduced the amount they used their car to save fuel and 4% said that they had actually sold their car as they could no longer afford to buy fuel.
The average new car now costs £6,689 annually to keep on the road, equating to £128.64 per week or 55.74p per mile(2). Latest figures show that it costs £69.20 to fill a 50 litre unleaded tank(3). But to what extent are we actually letting the cost of fuel affect us?
29% of people said they had cut back on luxuries in order to continue to buy fuel. 31% of respondents said that they were leaving the car at home and walking or cycling more, perhaps the only positive outcome of soaring costs.
Little wonder that latest research projects sales of bikes to reach an all time high - with the market set to grow by a further 8% on 2011 to reach £700 million in 2012. The market is forecast to increase by 23% reaching £800 million by 2016(4). Now 34% of us are cycling regularly(5).
Of those surveyed, 56% of people said they were concerned about another fuel shortage and 33% said they expected petrol to rise to £1.45 a litre this summer.
A spokesperson (it is possible to quote the spokesperson?) from helpucover.co.uk said "Filling up is a worry to many of us, but there are some things we can do to make what’s in out tank go further."
Helpucover recommends that people save fuel by:
• Not carrying around extra weight in our cars – empty the boot!
• Regularly checking the tyre pressure –correctly inflated tyres use less fuel
• Driving more smoothly, try to anticipate other drivers actions and minimise hard accelerating and braking (each time you accelerate hard you use more fuel)
• Driving in the right gear
• Turning off the air conditioning (you'll save 10% of your fuel)!
• Sign up to http://www.petrolprices.com/ to find out the cheapest petrol on sale in your area.
(1) helpucover.co.uk surveyed 20,000 people in May 2012
(3) AA May 2012
(4) Mintel May 2012
(5) Mintel May 2012
For media enquiries, please contact:
Sarah Potter – 07833 095 594
Notes to Editors
www.helpucover.co.uk is a trading style of Pinnacle Insurance plc - one of the UK's leading insurers. "Pinnacle Insurance plc is authorised and regulated by the Financial Services Authority".
About Cardif Pinnacle
Cardif Pinnacle (a trading style of Pinnacle Insurance plc) is the UK insurance unit of BNP Paribas Cardif, which is the life and property & casualty arm of BNP Paribas.
Formed in 1971 and currently employing circa 750 staff in the UK, Cardif Pinnacle has established itself as a leading provider of Protection solutions. Cardif Pinnacle acquired Warranty Direct and Direct Life and Pension Services in 2008, specialists in the provision of warranty and life insurance products.
With an emphasis on quality of service for clients and customers, Cardif Pinnacle is a preferred partner to more than 250 of the UK's leading Banks, Building Societies, Finance Houses and Intermediaries.
About BNP Paribas Cardif
BNP Paribas Cardif (www.bnpparibascardif.com) is the Life, Property & Casualty insurance subsidiary of BNP Paribas. It develops savings and protection products and services which are distributed via diverse channels. Present in 36 countries, and with a diversified geographic footprint, BNP Paribas Cardif has strong positions in Europe, Latin America and Asia.
BNP Paribas Cardif is one of the top 10 European insurers.
In 2011, it had gross written premiums of 23.3 billion euros and 53% of its gross written premiums are generated outside France. It counts nearly 10,000 employees, 70% of which outside France.
In its commitment in Corporate Social Responsibility, BNP Paribas Cardif develops responsible products and services, supports diversity in the company, puts in place an internal environmental policy and commits itself into the economic and financial education.