Hop on a bike and save money this World Bicycle Day
It is World Bicycle Day on the 3rd of June, and there will be more cyclists on the road than usual, as many dust off their old bikes and head on their morning commute. But why don’t more Brits keep the habit up throughout the year?
The majority of the British population is already anxious about the cost-of-living crisis. According to the Bank of England, inflation could grow to 10% by the end of 2022. One of the biggest impacts on household bills is the continuously rising price of fuel. So how can people save?
Ahead of World Bicycle Day, UK’s leading specialist bike insurer, cycleGuard, has been looking at how much money people can save when swapping four wheels for two. Head of Marketing at cycleGuard, Alex Bennett said: “The cost-of-living crisis in the UK has made everyone feel a bit on edge. However, many could have forgotten about one solution gathering dust in their garage. “
How much can cyclists save?
Car insurance
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.
Petrol
As of 18th May, unleaded petrol was priced at more than £1.65 per litre according to the government’s weekly road fuel prices tracker, while diesel was priced at over £1.79 – the highest price so far this year. Fuel prices come from a weekly survey collected from 65% of the fuel market.
Yet according to the 2020 National Travel Survey, car drivers made 295 trips per person in 2020. Of those car trips, well over half (58%) were for journeys less than 5 miles. So that’s 171 journeys that could have been taken by bike.
If those short trips by car were four miles on average, then in a car with average fuel consumption of 55mpg, drivers 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.
“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 – and reducing your carbon footprint - at the same time” adds Bennett.
Not only can cycling help save people money, but it can also boost their health and wellbeing.
Find out more the costs cyclists can eliminate on:
https://www.cycleguard.co.uk/saving-money-cycling
ENDS