News Article
Esure home and contents insurance predicts rise of one car households
Financial pressures from the credit crunch are causing more and more households to become one-car only, esure home and contents insurance said today.
According to the buildings home insurance provider's new report, around 16 million households in the UK are considering downsizing this way - 71 per cent of drivers.
Meanwhile, 58 per cent said that the recent decline in used - car values had led them to plan to keep hold of their current motor for longer.
Commenting on the survey Mike Pickard, head of risk and underwriting at the provider of esure home and contents insurance, said: "With the combined effect of rising motoring costs, high fuel prices and the credit crunch adding strain on motorists' pockets, it comes as no surprise that UK drivers are opting to reduce the number of vehicles they own."
He added: "The fact that they're also keeping their cars for longer is proof that UK drivers are becoming increasingly conscious of keeping motoring costs down."
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