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Bike insurance could be in higher demand
It is possible that bike insurance will be in higher demand as consumers are seemingly shunning purchasing new cars in favour of other means of transport as economic conditions are tight.
Last month saw an "unexpected" drop in the number of cars sold, according to the RMI National Franchised Dealers Association (NFDA), which blamed sluggish sales figures on weak consumer confidence.
February saw 69,610 new cars driven out of forecourts, which represents a drop of 5.4 per cent when compared to the same month last year.
NFDA director Sue Robinson suggested that "fragile" consumer confidence could be to blame, along with a sluggish market in need of an interest rate cut.
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The monetary policy committee of the Bank of England today announced that it was to maintain the base rate at 5.25 per cent, following last month's 0.25 per cent cut.
Ms Robinson claimed a further rate reduction is needed in order to boost car sales.
"The market needs encouragement which only an interest rate cut could provide," she concluded.
However, environmental campaigners are likely to want to see more people opt for more eco-friendly means of transport such as travelling by bike - with the necessary bike insurance - or opting for a hybrid vehicle.
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