Eco-friendly financial products appear to be all the rage but the proof is in the success of car insurance provider The Green Insurance Company. The eco-friendly insurance company was launched in August 2007 and has just celebrated writing its 25,000th car insurance policy.
Green car insurance is also offered by car insurance companies such as More Than and ibuyeco who offer 100% carbon neutral car insurance. The Green Insurance Company promises to offset 100% of car insurance policyholders’ vehicles carbon emissions and started trading 19 months ago with a team of just 3 people. They now employ 60 people and are looking at further expansion.
What is it that makes eco-friendly car insurance so successful? The car insurance provider pledges 100% of customers’ vehicles carbon emissions to carbon offset schemes. So far the car insurance company has planted more than 100,000 trees in North England and Scotland as part of this pledge and has offset 51,000 tonnes of carbon emissions.
The car insurance provider also uses sustainable or recycled resources wherever possible and donates 5% of annual profits to green causes. This is in addition to encouraging staff to become involved with local eco projects by paying them to work on such schemes for three days a year.
The managing director of The Green Insurance Company, Andrew McMillan, said: “Customers have told us they like our environmental ethics as well as the fact that we offer the best prices. Our expansion will continue this year as we launch more exciting products.”
Eco-Friendly Car Insurance
A car insurance comparison site carried out a survey of eco-friendly car insurance quotes last year and discovered that drivers who opted for green policies could end up paying 105% more for cover than if they had chosen a standard car insurance policy*. So, in the current financial climate, would car insurance customers be better off using a car insurance comparison site to find cheap car insurance and donate the savings to an environmental cause of their own choice?
The reality is that very few motorists could trust themselves to stick to this strategy so an eco-friendly car insurance company offers an easy solution.
Car Insurance always includes some exclusions and limitations which should be checked carefully. If in doubt you should check your car insurance policy wording carefully.
*Source – moneysupermarket.com found that standard car insurance cover for a hybrid car was available for £342 compared with £701 for similar cover from a car insurance company promising to offset 100% of a vehicle’s annual carbon emissions.
Visit www.car-insuranceuk.com regularly for the latest car insurance news and links to car insurance providers. Please follow the links on this page to obtain your own personalised car insurance quote and make your own comparison.
© March 2009
