Hybrid Drivers Pay Less For Insurance
Here is what I got from a Ford press release:
“Travelers, one of the largest providers of personal insurance products in the United States, offers hybrid drivers in the states of California, New Jersey, Texas, New York, Maryland, Florida, Kentucky, Georgia and Washington discounts of up to 10 percent on certain coverages. The company estimates their hybrid policy business grew 200 percent in 2006.”
I think it is too soon for this insurer to base this decision on a large volume of statistics. I am willing to guess that there are two things at play. The individual insurance company wants to get a disproportionate share of a growth market, and they also are making the assumption that these drivers are more responsible than the average driver. This is like the opposite of the old story about them charging higher premiums for red cars. I am off to see if that old story was true…
