Eco-friendly car insurance policies come at a premium, financing study suggests

Wed, 28 Mar 2007

Drivers who want to do their bit for the environment by arranging an eco-friendly car insurance deal are being financially penalised, new car insurance data indicates.

According to research from financing website moneysupermarket.com, green car insurance policies can cost up to 44 per cent more than standard equivalents.

Following the revelation, Richard Mason, director of insurance at moneysupermarket.com, has urged car insurance companies to become more competitive in order to attract customers.

This is because, at present, the most cost-effective way of giving money to good causes may be to avoid green car insurance specialists, he said.

"Until insurers make green premiums more competitive, my advice is to shop around for the cheapest deal that meets your needs and give some of the money you save direct to eco-friendly causes," he said.

Many drivers may opt to switch to a green car insurance policy immediately after purchasing a new motor.

Earlier this month, research from car financing specialist AA Personal Loans indicated that 25 per cent of motorists intend to buy a vehicle in 2007 - five per cent more than in 2006.

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