Recent research conducted by The Green Insurer (which just officially launched a month ago) has revealed that 15% of motorists are contemplating abandoning driving within the next year due to escalating costs associated with car ownership and operation.
For many of these motorists, the decision to give up driving could significantly impact their daily lives. Around 40% of respondents indicated that such a decision might necessitate changing or relinquishing their current job.
Meanwhile, 18% of motorists expressed that giving up their car would substantially diminish their personal independence or that of someone in their care. Additionally, 24% acknowledged their heavy reliance on cars for social interactions and maintaining connections with family and friends.
The study highlights that more than half (51%) of car owners are seriously concerned about rising car insurance premiums. Within this group, 11% described themselves as "very worried," and 40% as "quite worried" that increasing insurance costs might force them to stop driving.
A small percentage (2%) of respondents have already decided to cease driving due to heightened insurance premiums. To combat rising costs, 19% of car owners admitted to providing inaccurate information or omitting details when renewing their vehicle's insurance. These discrepancies included underreporting annual mileage (9%), falsely claiming the car is stored in a garage (5%), incorrectly stating the car is not used for work (4%) and insuring the vehicle under a driver who attracts a lower premium (4%).
The survey also uncovered a list of specific inaccuracies car owners have reported to reduce their insurance premiums:
Furthermore, the findings indicate a potential rise in the number of motorists willing to misrepresent information in their next insurance renewal. 16% of respondents anticipated they might be tempted to do so, with another 15% unsure about maintaining complete transparency. The most likely areas for misinformation, if tempted, were reported as underreporting annual mileage (18%) and falsely claiming the car was parked in a garage (13%).
“Driving habits are changing across the UK as consumers look to cut down on unnecessary journeys, however, our findings reveal that many people still rely heavily on their cars to enable them to work or to continue their role as a carer for someone. Our newly launched car insurance policies cut insurance costs for environmentally conscientious drivers at a time of rapidly rising premiums by negotiating special deals with insurers. We also offer customers rewards for environmentally friendly driving and discounts on weekly supermarket shopping through a range of partnerships,” The Green Insurer CEO Paul Baxter said.
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