Cost of living crisis driving UK motorcycling boom
Posted on
otorcyclists may be in the minority on UK roads at present, but in the wake of reports that around 1 in 4 families are selling their cars to deal with the cost of living crisis, new research shows motorcycle and moped ownership is trending upwards. More than 67,000 motorcycle tests were taken between April 2021 and March 2022, according to Department for Transport figures released in October, the highest number in any year since records began. Now, Lexham Insurance predicts that this upward trend is here to stay.
Analysing MCIA data and government figures, their team notes that:
-
Total two-wheeled vehicle registrations were up 32% on 2021 in the peak buying season between January and April this year, with the year to date showing petrol-powered tourers and classics up 25.1% and 11.6% respectively, and a 9% growth for the electric motorbike market (01/01/22-30/11/22)
-
Lexham Insurance has seen a dramatic increase in the number of people looking for motorcycle, moped and scooter insurance this year, with Google search data showing a 26% uplift in motorbike insurance searches between 2021 & 2022
- In the last year, more than 50,000 new bikers passed their tests to take to the road – a record high, amounting to 34% more new bikers on the road in the course of a year than pre-Covid figures, and a 203% growth on the 2020/21 pandemic period
Following an initial surge in two-wheeled vehicle ownership coming as a result of the pandemic, many had assumed that figures would dip as the UK returned to almost-normal after repeated lockdowns – but a substantial post-lockdown uplift in new registrations now looks like it’s here to stay.
With fuel prices at the pumps rising 20% so far this year and the cost of living as a whole up more than 11%, many road users are looking for more economical ways to get around, with Startline Motor Finance’s October Tracker reporting that 23% of UK families are selling their cars, while 59% are looking for a vehicle that’s cheaper to run.
“Many small capacity motorbikes get around 50% more miles to the gallon than most cars.” says Andy Goodson, Sales & Marketing Director at Lexham Insurance, “Given that running costs are all typically lower for scooters, mopeds and small motorcycles, it’s not surprising that we’re seeing a sustained growth in registrations now that people all over the country are looking for ways to reduce their outgoings.”
Industry data aggregated across all insurers by Compare The Market shows that the typical insurance premium for a motorbike or moped is approximately 51% lower than that of the average car.
Lexham Insurance has seen a substantial growth in site visits from people seeking motorcycle, scooter and moped insurance so far this year when compared to the same period in 2021, and from those looking to insure electric motorbikes and mopeds. UK search volume data pinpoints a 26% year on year growth in searches for motorbike insurance alone, with the trend looking set to continue.
Of course, it isn’t just the steep incline in living costs and fuel costs that experts say is driving the boom. The UK has seen record-breaking temperatures in recent years, including the warmest New Year’s Day on record in 2022. As the local climate gradually shifts to see warmer temperatures for larger periods of the year, figures support the possibility that road users who have previously been deterred from motorcycling by the cold and rain are reconsidering that option.
