Fuel prices won’t put a damper on vacation season
Nationwide Insurance survey shows nearly 70 percent of RV, travel trailer, boat and motorcycle owners willing to “pay to play”
FOR IMMEDIATE RELEASE
April 10, 2007
Contacts:
Elizabeth Stelzer 614-249-1025
stelzee@nationwide.com
Charley Gillespie 614-249-5701
gillesc1@nationwide.com
Columbus, Ohio— Don’t expect less crowded roads and waterways this vacation season. According to Nationwide Mutual Insurance’s Second Annual Fueling Powersports Index, powersporters – owners of RVs, travel trailers, boats and motorcycles – indicate even if gas prices go up, their love for their lifestyle has them willing to “pay to play.”
Nationwide polled 2,518 motorcycle, power boat, bass boat, RV and travel trailer owners to gauge their sentiments on how fuel prices would impact their powersport vehicle use. Nearly 70 percent of powersport enthusiasts say they will not change their vacation plans because of high prices.
“Our second annual survey demonstrates that powersport owners are adapting to a range of fuel prices. In fact, enthusiasts say gas would have to cost nearly twice as much before they would stop using their vehicles,” said Mitch Roggemann, national sales director for Nationwide’s Property & Casualty Specialty Products. “This is reflective of the fact that close to 70 percent of all powersporters use time spent on their vehicles as an escape from everyday life.”
“At Nationwide, we know powersporting is truly a lifestyle,” said Roggemann. “Understanding the passions and motivations of these enthusiasts allows us to remain connected with them, and ensures our ability to offer the best protection available.”
Key findings:
o Enthusiasts say they would pay from $2.88 (travel trailer owners) up to $3.38 (motorcyclists) per gallon before even considering using their vehicles less frequently.
o That’s 28 cents more per gallon than motorcyclists said they were willing to pay in the Nationwide survey last year.
o Power boaters and bass boaters say gas prices would have to reach $3.26 and $3.17 respectively before they would use their boats less often. That’s 50 cents more per gallon than they said last year.
o The study found that fuel prices would have to go through the roof before enthusiasts would stop using their vehicles, with prices ranging from $4.14 per gallon (travel trailer owners) up to $6.27 per gallon (motorcyclists).
o Most powersporters plan on traveling long distances this summer. RV owners say they expect to drive 819 miles round trip each time they use their vehicle this year. Travel trailer owners expect to drive 459 miles round trip each time this year.
o While powersporters don’t expect to use their vehicles fewer times this year, high fuel prices do have some effect on how long they run their vehicles per trip.
o Motorcyclists expect to ride about two hours and 54 minutes per trip this summer. That’s about 18 minutes shorter than last summer.
o Power boaters will run their boats about 16 minutes less per outing and bass boaters will run their engines about 32 minutes less per outing.
For more information on powersports, visit www.nationwide.com
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $158 billion in assets. Nationwide ranks #98 on the Fortune 100 list. The company provides a full range of insurance and financial services, including auto, motorcycle, boat, homeowners, life, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions and long-term savings plans. For more information, visit www.nationwide.com.
Nationwide, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.
