While we all doing are bit to cut down on spending during the current crunch on credit, more and more commuters are going green and cycling to work- says research by Sainsbury’s Home Insurance.

Leaving the car on the drive or substituting a train pass in favour of a bike is helping over three million commuters save an average £33.70 a week or collectively up to £111.2 million.

The report reveals that 12% of the British workforce, around 3.3 million people, has recently swapped their cars or train tickets for bikes. Interestingly more men than women are cycling to work, with 15 % of the male working population commuting to work by bike, opposed to just 8% of women.

The research claims 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, the study is warning cycling commuters to keep themselves and their bike insured. 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.

“Using a bicycle to travel around can be a very effective way of saving money,” says
Neil Laird, Sainsbury’s Home Insurance Manager.

“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.”