Posted: Sun Dec 23, 2007 3:24 am Post subject: Does thinking green = lower auto rates?
With the innovations in the automobile industry and the introduction of various "green" laws to help improve the environment, this thought struck me.
Will the day ever come when having a hybrid or hydrogen powered car will be treated more favorably by all the insurance companies than an ordinary one?
Thoughts appreciated please. I'm thinking about how some environmentally friendly initiatives get tax breaks, so why not insurance breaks too?
I doubt that 'green' will ever reduce rates (frankly the parts to repair these cars are crazy high) but you do currently get a really nice tax credit for buying one!
Posted: Mon Dec 24, 2007 8:06 am Post subject: for the masses..
Quote:
I'm thinking about how some environmentally friendly initiatives get tax breaks, so why not insurance breaks too?
Well, I don't think any effort towards the wellbeing of the masses can be quantified at par with moves towards unique contributions! When you're using an environment friendly fuel, then your effort won't make such a huge difference ( because may be pretty many people would be using it then…) Isn't it!
truelies9/11 _________________ Register Now to have your Insurance queries solved.
I don't believe what the Govt. can do be easily done or followed by an insurer.
The govt. defines rules for the people...n an insurer needs to follow those rules!
Thats it!
RudyGolmes _________________ Register Now to have your Insurance queries solved.
‘Green laws' may not affect your insurance cost directly because environment friendly nature of the car is not a determinant of the auto insurance premium. The insurers normally concentrate on- your driving history, mileage driven, age and so forth, to assess the cost of insuring you. Using environment friendly fuel will not improve you as a driver if you are not a good one already. _________________ Register Now to have your Insurance queries solved.
Green laws' may not affect your insurance cost directly because environment friendly nature of the car is not a determinant of the auto insurance premium. The insurers normally concentrate on- your driving history, mileage driven, age and so forth, to assess the cost of insuring you. Using environment friendly fuel will not improve you as a driver if you are not a good one already
presisely! and very well spoken
burried_in_dark, thank you...still remember though I'm sure there are (still) some income tax benefit allowed for some of the hybrids.
‘Green laws' may not affect your insurance cost directly because environment friendly nature of the car is not a determinant of the auto insurance premium.
Actually at least one group does use it in exactly that manner, buried_in_dark. The Farmers Insurance Group offers an auto insurance discount called an Alternative Fuel Discount for all major types of coverage including Collision, Comprehensive and more.
It can save you up to 10% and covers vehicles which are gas-electric hybrids, electric only, natural gas only, ethanol only, methanol only and propane only.
They were the first group to do so and it's available in every state except a handful (FL, WV, SC, NJ, CT, MA and RI) according to their website at:
The insurers normally concentrate on- your driving history, mileage driven, age and so forth, to assess the cost of insuring you.
You'll get no argument from me on that point. That's the way it should be of course. Like any other auto policy, those things would take priority over whether you had a car alarm for example.
Quote:
Using environment friendly fuel will not improve you as a driver if you are not a good one already.
I never said it would. I was merely putting the idea out there as a possibility for the future, but looks like the future is here already.
Great to know lilacsigh !! (re: farmers) Thanks for straightening us out! I had no idea any were offering any incentive yet for flex fuel vehicles...makes sense though, and I'll bet THEY get some sort of tax break for doing so....as always with insurance, other carriers will follow suit shortly I'm sure...
Wow!! Great info Lilac. If Framer is doing this then other's will follow soon. This can work as a very good incentive to encourage people to use alternative fuels on their cars. 10% is a pretty good rebate.
It is definitely a good move to save the ‘Mother Nature'. _________________ Register Now to have your Insurance queries solved.
Indeed it is, the more people are encouraged to go green as everyone's calling it, the less pollution from cars, green cars sell, the insurance company gets business, everyone wins.
I would've guessed that someone would've eventually done this as a promotional thing to get business, and to have a second motive of helping the environment. _________________ I have a new personal crusade. I'm going to hunt down the people who have strong opinions on subjects they don't understand. Then I'll bop them with this cardboard tube.- Dogbert
I ain't a legal expert, take what I say with a grain of salt.
