2020 has truly been the year of the remote worker. Apart from the obvious benefits of being able to work from the comfort of your own home, could there be an unexpected financial upside to ditching the daily commute?
Due to the lockdown and social distancing restrictions as a result of the coronavirus pandemic, millions of motorists have used their cars less this year after trading the morning rat race for remote working.
In fact, a recent study from our car insurance experts found that more than three quarters (76%) of drivers had used their car less since lockdown began in March. In fact, the average annual mileage of UK road users has dropped from 8,000 miles a year to just 3,000, as people work and live locally.
While using your car less means saving on petrol, reducing your mileage could also help cut the cost of your car insurance.
One of the other benefits of working from home is getting back the time that would usually be spent commuting to work, unpaid. The journey to and from work is not just an inconvenience, but delays and bad traffic can also be major causes of stress. It’s no wonder that many people, including the European Union, believe that the time spent traveling to work should count towards your working day.
To see just how much money motorists around the country could stand to save by working from home, Money.co.uk analysed the average annual cost of your daily commute, as well as the value of all of those unpaid hours spent traveling to work.
To see how much money you could save on your car insurance compare the best cheap car insurance quotes with money.co.uk. Or for more ideas of how you can save money on your car insurance, see our guide on the top tips for cutting the cost of your car insurance.
Whatever car you drive, make sure you find insurance that covers everything you need as cheaply as possible by comparing policies.
We analysed data on the average salary in UK regions, as well as the average time spent commuting to work to find the value of the time spent commuting across the UK.
A recent survey conducted on behalf of Money.co.uk found that the average annual mileage of UK road users reduced from 8,000 miles a year to just 3,000. To find the difference in insurance costs we conducted example quotes for a typical motorist (34 year old driver, driving a 2018 BMW 1 Series ) living in each region.
The average cost per litre of fuel in the UK is 114p, and an average UK MPG of 35 miles per gallon. Meaning that drivers can expect to save £742 a year on fue costs. (Correct as of 01/10/2020)
Earnings by region - ONS
Avg commute - TUC
Petrol costs - Money.co.uk - survey found 76% of drivers had used their car less since lockdown - avg mileage 3,000 down from 8,000
Insurance costs - Money.co.uk - based on a 34 year old driver, driving a 2018 BMW 1 Series