New research1 from The Green Insurer, the UK’s first truly green car insurance broker2, reveals that 18% of motorists are considering switching their petrol or diesel car to an electric or hybrid model over the next 12 months. That figure increases to 31% in London, where almost one in three say they are thinking about switching their fossil-fuel powered vehicles for a hybrid or electric version over the next year.
The desire by many motorists to move towards a cleaner, electrified future by the end of 2024 is in spite of the Government’s recent decision to push back the ban on the sale of new petrol and diesel cars to 2035. The decision to delay the ban was backed by 60% of the survey’s respondents.
However, there exists a clear divide in opinion between the age groups, with 69% of people aged 65 and over agreeing with the ban’s delay compared with 51% of people aged between 18 – 34 years. This discord is further highlighted by over a quarter (28%) of 18 – 34 year olds surveyed seeing the Government’s delay to be a backward step, compared with just 16% of people aged 65 and over.
The anticipated ban on new petrol and diesel car sales was not seen as the main motivation for the majority of the 10% of motorists surveyed who made the switch to an electric or hybrid car last year, with only 13% of these citing the ban as the main reason behind their environmentally friendly purchase.
Despite the higher upfront costs associated with the purchase of an electric car, of those owners who have already made the switch to cleaner fuel, 85% claim to have saved money on their annual cost of driving as a direct result of having switched to an electric or hybrid car, with 31% describing the savings as “substantial” and 54% saying they have made “slight savings”. Only 3% believe their motoring costs have increased as result of the switch.
Paul Baxter, CEO, The Green Insurer, said:
“The decision to delay the ban on new petrol and diesel cars until 2035 elicited a variety of responses, amidst concerns that the delay would not only perpetuate the use of fossil fuel consumption, but also may deter investments in electric vehicle development and infrastructure. However, the findings of our survey support our belief that the desire to transition to more eco-friendly practices is being driven by consumers themselves and not by the threat of legislation.
“We are seeing a genuine desire in people to reduce their individual environmental impact through lifestyle and purchasing choices. We have looked to reflect this cultural shift in our newly launched car insurance policies, which have been designed to reward people for the positive adjustments in the way they drive and use their car in an environmentally responsible way.”
All customer inquiries to The Green Insurer will be dealt with by humans based in the UK rather than chatbots or overseas call centres.
Up to 70 companies have partnered with The Green Insurer to offer rewards and discounts including ASDA, Tesco, Sainsbury’s Waitrose, Iceland and Morrisons plus retailers Clarks, Harvey Nichols, Halfords, Habitat and Waterstone’s as well as restaurant chains Zizzi, Ask Italian and Café Rouge. On a weekly supermarket shop of £200 a 6% discount would be worth more than £600 a year.
Independent and green offers include eco laundry capsules, eco clothing, reusable coffee cups and refillable natural deodorant. The company plans to expand the number of rewards partners and is contacting companies who can also sign up on its website. It will also add other insurance partners in the future and potentially expand the types of policies it offers.
The Green Insurer is authorised and regulated by the Financial Conduct Authority, under the registration number 998384.