Fuel costs are driving the highest inflation rate in 30 years, but swapping 4 wheels for 2 can save you money – London Business News
The UK cost of living crisis means everyone is feeling the pinch. Inflation hit its highest level in over 30 years at 7.8% in early April as the Bank of England warned that inflation could hit 10% by the end of the year.
One of the biggest contributors to soaring interest rates is the price of fuel. According to government data, the month-to-month price of petrol rose sharply by 6.6 pence per liter and diesel by 8.3 pence between February and March.
CycleGuard, one of the UK’s leading specialist cycle insurers, has suggested that ditching the car for cycling could be a cost-effective solution for many. Head of Marketing at cycleGuard, Alex Bennett, said: “The challenges created by the rising cost of living have affected us all. There might, however, be a solution for many of us sitting in our sheds and garages.
How much can cyclists save?
As of May 18, unleaded petrol was priced at 165.37 a liter according to government data. The diesel was priced at 179.67 – the highest price of the whole year. Fuel prices come from a weekly survey collected from 65% of the fuel market.
According to the 2020 National Travel Survey, motorists made 295 trips per person in 2020. Of these car trips, 58% were for trips less than 5 miles, or 171 trips that could have been made by bicycle.
If those short car journeys were four miles on average, then in a typical 55 miles per gallon car people would be using 57 liters of fuel, costing them over £93!
This means people are currently spending £7.78 a month on trips that they might as well cycle or walk.
According to the Association of British Insurers, the average price you can expect to pay for comprehensive car insurance is £434.
By comparison, cycleGuard’s specialist bike insurance can cover you against theft and accidental damage, as well as vehicle cover and 24/7 Cycle Rescue if you break down or sustain an injury and cannot complete your journey. You can even add optional covers to protect against liability claims while on the bike and up to £25,000 in personal injury.
“Choosing to hop on your bike, instead of taking the car, could be a great way to help save some money on rising fuel costs with the added benefit of staying fit at the same time. “, adds Bennett.
Not only can cycling help people save money, it can also improve their fitness level and is great for their mental health.