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Car insurance market 'becoming greener'

Despite its current status as a "niche" market, the green car insurance sector is gradually expanding as more consumers become interested in ethical products, an industry expert has stated.

According to Duncan Bowker of Co-operative Insurance Services (CIS), more people are becoming "switched on" to the benefits of eco-friendly financial products, including car insurance policies.

He explained that green motor insurance can work in two main ways - discounts are sometimes offered for cars which are more environmentally-friendly, while a certain percentage of the car's CO2 emissions can be offset by the provider for the duration of the policy.

"The take-up has been very positive and the pleasing thing for us is that the take-up has been across the various demographics," Mr Bowker said about his own company's experience of the green car insurance market.

"More and more consumers [are] now switching on to green forms of consumerism and I think financial services is one of those areas," he added.

Younger motorists can reduce their insurance premiums by taking Pass Plus schemes and choosing cars that are not too large and powerful, a spokesperson for Direct Line advised recently. Personal loans can help towards insurance costs.

See how much you could borrow with a motor loan from Lombard Direct.

21/09/2007 16:53:21

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