The demand for bike insurance could soon surpass that for car insurance, new research has suggested.

Figures from the National Franchised Dealers Association found that the number of new cars sold in February was 69,910, a 5.4 per cent decrease compared to the same month last year.

According to Motorcycles Direct, consumers seem to be turning away from traditional motor cars in a bid to cut outgoings in the current financial climate.

"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," a spokesperson told the site.

Should a decrease in the number of cars continue it could have an effect on car insurance, while bike insurance applications would soar.

While new car sales volumes dropped compared to last year, used car sales increased by two per cent.

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