The rising cost of petrol will mean that many drivers will give up using their car, new research has revealed.
The cost of petrol has more than doubled in the last ten years, and one in five drivers have said that they will stop using their car if prices go up any further.
Research by insurance broker Hastings Direct has found that the majority of drivers have been affected by rising petrol prices in the last 12 months alone, with 78% saying it has changed how often they drive.
20% said that if prices rise to £2 a litre, they will stop using their car altogether. A further 12% said they would switch to a hybrid or electric car at this point.
Nearly three quarters of drivers have already cut back as a result of steep petrol prices. It was found that 49% of drivers have cut back by at least 25 miles per week, while nearly a third have reduced their driving by more than 50 miles a week.
The research found that the biggest driving cut back has been socially, with just under half of drivers saying that they now use their car when going out less.
Other situations where drivers are cutting back their car usage include when visiting family and friends, and commuting to work.
ìOur survey clearly shows the pressure motorists are feeling regarding their finances,î said Tobias van der Meer, Managing Director of Hastings Direct.
ìTaking the right actions – reducing mileage and driving safely – can help motorists cut the cost of their insurance and their fuel bills, but ultimately motorists cannot and will not keep be able to keep on paying higher and higher petrol prices.î
If you are looking at ways to reduce the cost of owning a car, compare car insurance with Money Expert before renewing your policy.