Drivers have spent £25.6 billion less on vehicle expenses since the start of lockdown in March 2020, reveals new research from Direct Line Motor Insurance. As restrictions and changes to working patterns have reduced the usage of their vehicles, owners have spent £670 less annually than they would normally, or £56 a month. This equates to a combined total of £2.1 billion reduction in vehicle related costs every month across the UK.
According to the research, the pandemic has led to an uplift in vehicle ownership, even as motorists are saving significant amounts in running costs. In fact, 1.4 million people have purchased a car for the first time since COVID-19 restrictions came into force last year as they look for ways to travel which don’t involve public transport. Even with more people owning cars, the number of miles driven has reduced substantially. With 13.9 million drivers having reduced the number of miles driven compared to the number cited on their insurance policy. Individually drivers are making 2.3 fewer journeys each week, equating to 88 million jointly. This reduction in journeys means fuel has been the biggest saving for motorists during the pandemic. Each driver has spent around £20 per month less on fuel, amounting to a staggering £780.6 million collectively across the country.