The cost-of-living crisis in the UK has meant that everyone is feeling the pinch. Inflation rose to its highest point in over years 30 year high of 7.8% at the start of April, with the Bank of England has warning that inflation could grow to 10% by the end of the year.
One of the biggest contributors to the soaring interest rates is the price of fuel. According to government data, month-by-month the price of petrol rose sharply by 6.6 pence per litre and diesel by 8.3p between February and March.
One of the UK’s leading specialist bike insurers, cycleGuard, have suggested that ditching the car for the bike could be a money-saving solution for many. Head of Marketing at cycleGuard, Alex Bennett said: “The challenges created by the increased cost of living have affected us all. There could, however, be a solution for many of us sat in our sheds and garages.”
How much can cyclists save?
As of 18th May, unleaded petrol was priced at 165.37 per litre according to government data. Diesel was priced at 179.67 – the highest price all year. Fuel prices come from a weekly survey collected from 65% of the fuel market.
According to the 2020 National Travel Survey, car drivers made 295 trips per person in 2020. Of those car trips, 58% were for journeys less than 5 miles, so that is 171 journeys that could have been taken by bike.
If those short trips by car were four miles on average, then in a 55 miles per gallon type of car, people would be using 57 litres of fuel – setting them back over £93!
This means that currently, people spend £7.78 a month on trips they could as easily cycle or walk.
According to the Association of British Insurers, the average price you can expect to pay for comprehensive car insurance is £434.
In comparison, specialist bike insurance from cycleGuard can cover you for theft and accidental damage, as well as in-vehicle cover and 24/7 Cycle Rescue if you break down or suffer an injury and can’t finish your ride. You can even add optional covers to protect you against liability claims when you’re out on the bike and up to £25,000 in personal injury costs.
“Choosing to hop onto your bike, instead of taking the car, could be a great way to help save a little money on rising fuel costs with the added bonus of keeping fit at the same time” adds Bennett.
Not only can cycling help save people money, but it can also boost their fitness levels and is great for their mental health.