While it is certainly fashionable to drive a hybrid or electric car and boast about the vehicle’s green credentials, the majority of green car drivers are motivated by more than the environment.
Yes, you guessed it – they’re thinking of their wallets too.
It’s an understandable train of thought with the credit crunch continuing to push bills higher – so it’s nice to see there is now another financial incentive for going green.
In the past green car insurance had always been prohibitive thanks to the higher premiums that are associated with carbon offset schemes. However, CarbonCred in association with LV= car insurance, claims it can now offer a policy that helps both the environment and your bank balance.
Motorists who insure their car with LV= can get paid for each mile they drive. Taking the vehicle information and mileage from the insurance quotation, CarbonCred will invest up to £35 per vehicle into renewable technology that can cut carbon dioxide (CO2) emissions by the same amount that the motorist emits.
Unlike other green policies on the market, which have generally only been taken by committed green campaigners, CarbonCred claims it can be competitive on premiums too – with 60 per cent of its policies priced at less than £300.
Of course green motor insurance will not solve the emissions problem on its own – but it could have a significant impact in reflecting our purchase habits going forward and forcing radical change in the industry.
