Green Auto Insurance And Green Home Insurance
Did you know that some of the largest insurance companies are now offering green insurance for your home and automobile? It’s a fairly intriguing proposition, and not as hard a concept to grasp as you might imagine.
Actually, green auto and home insurance is a concept that is pretty easy to grasp. Let’s start with green home insurance. Green homeowner’s insurance is a policy that will pay homeowner claims for repairs, etc. using green building materials to rebuild or restore your home.
Green auto insurance rewards owners of hybrid automobiles and consumers who drive less by offering discounts. It is believed that hybrid vehicle owners tend to be more conscientious when it comes to maintaining their automobiles and driving in general. While auto insurance companies have traditionally reduced rates for customers who drive less, the green insurance rates are a greater reduction than in the past.
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You might think that it is really great of these companies to offer discounts and special policies to customers with a green conscience. While it can be very worthwhile for the green-conscious consumer, it also benefits the insurance company. Consumers who will purchase green insurance have a tendency to be “deeper pocket” consumers who are often willing to purchase other types of green insurance in addition to auto insurance and homeowners insurance. For instance, there are insurance companies who now offer energy policies to customers who generate their own power off grid through solar, wind, or geothermal process. These policies insure the customer against failure of their energy generation systems. In the event of such failure, the insurance company will pay the cost to purchase power elsewhere, repair the equipment and bring it back online.
Homeowner’s green insurance policies almost all add extra cost to premiums to guarantee repair or rebuilding with green materials. This makes the insurance more profitable to the insurance company. As mentioned earlier, most insurers offer discounted pricing to customers who drive fewer miles. However, the green policies add a stringent regulation and monitoring practice to receive the larger reductions. Many insurers require monitoring of actual miles. This can be accomplished using GPS technology. Some car makers are including easy methods for monitoring mileage in their vehicle design. Some insurers have special devices that can plug into a port and transmit mileage data to the insurance company directly.
If you are a particularly green-conscious consumer, it is certainly advisable that you speak to your insurer about the many insurance policies that are available in the area of green auto insurance. In the event of damage occurring to your home, you are likely to seek out green solutions for repair and restoration in any case. It simply makes sense to have this option included as part of your homeowner’s policy. The same common sense applies to your motor vehicle insurance, also. If you own a hybrid car or are thinking of purchasing one, why not take advantage of the discounts an insurer will offer you for making this choice? As well, if you are dramatically reducing your auto mileage and biking, walking, or car-pooling instead of driving, it makes good sense to have your mileage monitored for deep green insurance reductions.
To learn more about ways to go green, save money and help the planet, go here: Green Living Tips
