Insurance Discounts for Hybrids
The Farmers Insurance Group of Companies (www.farmers.com) is the first in the U.S. to offer an insurance discount to customers who own a hybrid or alternative fuel vehicle. The discount, which went into effect October 1, 2005, is for all customers in California who own a hybrid or alternative fuel vehicle. All new business customers in the state will receive the discount as of the new business date, and existing customers will receive the discount upon renewal.
The discount is in response to a growing trend: Citing data from R.L. Polk & Co, Farmers claims that California tops the list for numbers of registered hybrid vehicles in the U.S., with 2004 showing a 102 percent increase in California hybrid vehicles over 2003. Alternative fuel vehicles, defined as those using biodiesel, electricity, ethanol, hydrogen, natural gas, or propane, increased in California by approximately 17 percent.
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