Press Release
17 November 08
Over three million commuters start cycling to keep costs down
· Cycling saves commuters an average £34 per week (1)
· Sainsbury’s Home Insurance provides cover for up to £500 against a
bicycle being stolen
As a result of the current economic climate, many people are looking to save money by using bicycles to get to work as opposed to cars or public transport. Sainsbury’s Home Insurance research(1) has found that 12% of the British workforce, around 3.3 million people, have recently started doing this.
The findings reveal that cycling to work is on average saving people around £33.70 a week or collectively up to £111.2 million. As well as saving money there is of course an added benefit to their personal fitness and the environment.
Interestingly, Sainsbury’s Home Insurance research reveals that men make up a larger proportion of the new cycling community. Some 15% of the male working population have decided to start commuting to work by bicycle in an effort to save money in the current economic climate, opposed to a much smaller 8% of women who are working(1).
These figures demonstrate a clear effort to save money, a reflection on how people are changing their lifestyle to adjust to new economic conditions. However, Sainsbury’s Home Insurance warns that people switching to bicycles to get to work must ensure that they are kept secure at all times and are adequately insured, particularly when away from the home. Overlooking their bicycle's security could end up costing them dear if it's stolen which is certainly a false economy, never mind undoing their good intentions. Over 1,200 bicycles are stolen in Britain every day(2) .
Neil Laird, Sainsbury’s Home Insurance Manager, said: “Using a bicycle to travel around can be a very effective way of saving money. However, with thousands of bicycles being stolen in the UK each week, it could soon turn out to be a white elephant, costing you far more than you expect if you haven’t secured and insured it properly. It’s important to make sure that your home insurance policy covers your bicycle.”
Sainsbury’s Home Insurance offers the following tips for increased bicycle security in and away from the home:
· When buying a bike, budget for security.
· Take out insurance, either by purchasing additional personal belongings cover with your home contents insurance or through a separate policy - do this at the time of purchasing the bike, otherwise you may not get around to it.
· Invest in a secure padlock, bikes must be locked to a fixed structure if you leave it unattended in public places. Also consider where you are leaving your bike, well lit public areas may act as a deterrent.
· Record and register your bike.
o Make a note of your bicycle model, make and frame number. This assists the police in returning recovered bikes to their rightful owners.
o Take a clear, colour photograph of your bike and make a written record of its description, including any unique features, so that you can report it accurately if stolen.
· Make sure that the bike is marked or tagged – these should be placed in at least two separate locations, preferably on or in the frame. One of these locations should not be clearly visible.
Specifically when the bike is at home:
· Keep your bike in a secure garage or shed and keep the door locked.
· Keep it out of public view.
· Secure it to an immovable object or consider installing a floor or wall-mounted anchor lock for extra security.
About Sainsbury’s Home Insurance:
As well as being competitively priced, the bank also offers an extensive range of cover and benefits. This includes:
· Unlimited buildings cover
· Unlike some home insurers, Sainsbury’s Bank does not apply charges for customers paying their premiums by direct debit
· Maximum no-claims discount of up to 30% as standard
· No-claims discount protection(3)
· Cover for accidental damage - even by pets(4)
To find out more about Sainsbury’s Bank Home Insurance, call 0800 731 7978 or log onto www.sainsburysbank.co.uk
-Ends-
For further information, please contact:
Phil Anderson / Georgiana Varey
Citigate Dewe Rogerson
020 7638 9571
Notes to Editors:
(1) The consumer omnibus research was conducted by GfK NOP. 562 people were interviewed between 17th and 19th October 2008. The consumer omnibus research conducted by GfK NOP uses a large sample size that reflects the working demographic profile of GB. Given this it is possible to extrapolate figures and make projections from the research results within appropriate confidence intervals.
(2) British Crime Survey: Crime in England and Wales, 2007/ 08, Report from the Office of National Statistics
(3) Only eligible for NDC Protection after payment of a small additional premium.
(4) Additional cover can also be purchased at an additional premium.
Sainsbury’s Bank:
To find out more about Sainsbury’s Bank and see the latest press releases, product rates and photographs, please visit the Sainsbury's Bank online media centre at www.sainsburysbank.co.uk/media.
Sainsbury's Bank offers a range of quality, competitively priced, award-winning products. Sainsbury’s Bank opened for business on 19 February 1997 as a joint venture with Sainsbury's and HBOS.
Sainsbury’s Bank offers the following products:
Insurance: Car Insurance, Life Insurance, Home Insurance, Travel Insurance and Pet Insurance
Borrowing: Personal loans, credit cards and Driveä car purchase scheme
Saving: Internet Saver, Instant Access (branch equivalent), Direct Saver account (telephone) and Child Trust Fund
For further information and general Sainsbury’s Bank enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysbank.co.uk
Notes to editors/webmasters:
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