According to the 2011 motoring census from a leading motor car insurance provider, escalating costs have forced one out of every 13 drivers right off the road.
According to AXA Insurance, millions more are now facing fears that 2012 will see them having to hang up their keys if petrol prices and car insurance rates continue to escalate. Meanwhile, some 40 per cent of survey respondents indicated that they would cut back on the amount of time they spend in their car over the next 12 months if these motoring costs continue to increase.
44 per cent of the discount car insurance provider’s survey respondents admitted to not getting as much enjoyment out of the act of driving as they used to, with the majority of these 44 per cent citing rising costs as the reason. This is distinguishable from last year’s figures, when this figure was six percentage points less than it was this year.
The cost of fuel was found to be a major contributor to rising motoring costs, with unleaded petrol increasing from 127.7p per litre in January of last year to May 2011’s record high of 137.43p per litre. One out of every survey respondents said that they would have to face having to drive much less than they do now – or even give up driving altogether – if price increases continue into the 150p per litre to 160p per litre range, and an addtional one in eight would throw in the towel if prices were to rise into the 201p to 220p per litre price range.
Last year saw premium prices rise by 16.4 per cent on average, according to AXA. If these premiums continue to increase, 16 per cent of survey respondents said they would need to seriously consider cutting back on their driving or eliminating it altogether.