Could higher gas prices lead to lower losses for auto insurers?

As gas prices continue to creep up again and some forecasters speculating about $5 a gallon gas in 2012, one may wonder what effect this will have on auto insurers.  Back in 2008 when gas prices reached record highs of over $4 a gallon, there was a slight drop in frequency of claims.  Fast Track shows that claim frequency for private passenger auto liability bottomed out in the third quarter of 2008 at 1.21 claims per 100 earned car years compared to the fourth quarter of 2007 where that number was 1.42 claims per 100 earned car years. 

This makes sense as people were driving less therefore decreasing the exposure on a miles driven basis and driving more fuel efficiently or less aggressively.  However, when gas prices decreased in late 2008 and early 2009 the frequency only experienced a slight bump, up to around 1.30 claims per 100 earned car years.  This is perhaps due to the downward overall trend in auto frequency the past few years.  The frequency has yet to return to pre 2008 levels. 

So, if fuel prices return to record high levels this summer will it have the same effect that was seen in 2008?  If high prices are maintained for an extended period of time will this lead to more fuel efficient, lighter vehicles on the road and bring a more permanent decrease to auto losses? Let us know what you think.