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08.09

Hybrid Cars: Going Green is Getting More Economical

To add additional value to IEEE membership, the IEEE Financial Advantage Program (FAP) has arranged with Travelers to offer members a special insurance program. This article is provided by IEEE FAP to help educate IEEE members about hybrid vehicles and this unique insurance program. 

In 1905, American engineer H. Piper filed the first patent for a gas-electric hybrid vehicle. While hybrids didn’t take off like Ford’s Model T self-starting gas engine, many years later his idea got a second look as technology that had environmental advantages.

Hybrid cars have come a long way since Piper’s patent. Now, computers are able to calculate when it’s more efficient to go electric or whether the gasoline engine is needed — if H. Piper only had a computer!

Over the past few years, more and more hybrid vehicles are on U.S. highways and bi-ways for several reasons. Increased fuel efficiency, reducing dependency on oil, and ensuring a cleaner environment are primary motivators. According to HybridCar.com, most industry analysts predict hybrid vehicle sales in the United Sates will increase from 600,000 to 800,000 by 2010. While sales statistics have shown a slight decline due to the current economy and the drop in gas prices, a May 2009 survey by Harris Interactive reports more than 90 percent of respondents would consider buying a new hybrid vehicle.

Are You in the Market for a Greener Car?

Many factors are taken into account when choosing a hybrid over a conventional vehicle, such as dependability, performance, style, and, of course, price tag. Hybrid cars are more expensive by reason of the technology. But with the increase in production, hybrid cars are coming down in price, especially with the new Toyota Prius and Honda Civic — both under $30,000.

More than Just Lower Emissions

As an incentive to improve the environment, federal and state governments offer tax credits to hybrid owners. And in addition to the tax incentives, insurance companies have recognized the increase interest in hybrid vehicles.

In 2006, at the same time the federal government introduced sizeable tax breaks for new hybrid car buyers, Travelers was the first auto insurance company to offer a discount to hybrid drivers on a national level. “Protecting the environment and conserving natural resources are important principles to Travelers and we’re proud to do our part to encourage the use of fuel efficient vehicles,” said Greg Toczydlowski, chief operating officer, Travelers Personal Insurance.

Combining the hybrid car discount, other applicable auto discounts and a safe driving record, hybrid drivers can realize lower insurance premiums. So in addition to saving at the pump, hybrid drivers can also save on car insurance — making it even more economically advantageous to drive a hybrid.

When you add up the benefits of hybrid car ownership, you can feel good about minimizing your carbon footprint and maximizing cost savings.

Free Hybrid Auto Insurance Quotes From Travelers

For more information about hybrid vehicle auto insurance and how to request a free, no-obligation quote with special program rates for IEEE members, call Travelers, toll free, at 1-800-842-0629 or visit www.travelers.com/ieee. Even if you’re just shopping for a hybrid vehicle, Travelers can give you quotes to help you make an informed decision.

Comments may be submitted to todaysengineer@ieee.org.