High petrol prices mean we drive less – see if you can save money on car insurance

The rising cost of running a car is causing Brits to use their vehicles less, but driving fewer miles means it can save you money on your car insurance

A street with queues of cars on each side
There are several ways you can save money by using less car

With petrol prices soaring at the moment, Brits are using their cars less – but not many people realize that this could save them money on their car insurance.

The average liter of petrol costs 161.7 per annum litre, compared with 125.4 per annum a year ago, according to government figures earlier this week. Diesel now costs 176.2 Pa liters and 12 months ago it was 129.3 pence.

As a result, we drive less to save money.

James Blackham, managing director of insurance broker By Miles, said: “With the cost of living crisis facing many drivers, it is possible that many drivers are leaving their cars much more often to avoid the staggering prices at the pump.

“One thing that is clear from the latest MOT data is that as a nation we are driving a lot less than before.

“The average British driver now drives less from London to Aberdeen than they did before the pandemic, and we expect this decade-long trend to continue.”

In fact, two-thirds (64%) of UK drivers drive less than 7,000 miles a year.

Blackham said drivers who use their cars less may be able to save money on car insurance in the following ways:

1) Request an insurance refund

You may be lining up for cashback from your car insurer if you used your car less during the 2020 and 2021 Covid lockdowns.

Blackham said: “If you’re one of the 82% of people who haven’t received a refund from their insurer during lockdown, call your insurer and ask them why.”

2) Switch to electric

If you travel shorter distances or take fewer trips, then it might be financially – and environmentally – better to switch to an electric vehicle.

3) Pay per mile

If you drive less than 7,000 miles a year, you may be able to save money by switching to insurance that charges you per mile.

This type of policy usually charges a fee to cover the car while it’s parked and then pennies for every mile driven.

4) Consider taking your car off the road

If you won’t be using your vehicle at all, it may be worth considering a legal off-road notification or “SORN”.

This means you tell the DVLA that your car will not be parked or used on public roads and save yourself paying road tax.

Current fuel prices are down slightly from all-time highs from a month ago but are still extortionate as households grapple with the cost-of-living crisis impacting utility bills, council taxes, groceries and more.

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https://www.mirror.co.uk/money/high-petrol-prices-mean-were-26714933 High petrol prices mean we drive less – see if you can save money on car insurance

Fry Electronics Team

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