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Posts with tag Hybrid

Auto insurance industry takes the gas money savings from small car owners

by Gary E. Sattler Oct 27th 2008 at 8:00AM

Filed under: Insurance, Transportation

Many drivers of smaller automobiles may be smiling about their fuel cost savings, but their smiles may soon fade when they start to realize that the auto insurance industry is taking a share of the money that they aren't paying for gasoline. Let it not be said that smaller automobiles don't come with a cost trade off.

An examination of automobile insurance premiums from The Wall Street Journal reveals that the nature of smaller autos makes them justifiably more expensive to insure. For some smaller cars, such as some of the new hybrid models, replacement parts can be difficult to obtain, and labor costs are sometimes higher than for conventional autos. Additionally, hybrid cars can often take longer to repair.

Hybrids in the News

    The BMW Concept 7 Series active hybrid car is seen on the back of a camera display at the Paris Auto Show, in Paris, Wednesday, Oct. 15, 2008. (AP Photo/Remy de la Mauviniere)

    AP

    People are seen looking at the BMW Concept 7 Series active hybrid car at the Paris Auto Show, in Paris, Wednesday, Oct. 15, 2008. (AP Photo/Remy de la Mauviniere)

    AP

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) Visitors view a F3DM electric vehicle and its model at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. BYD F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD Auto, is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) Visitors view a F3DM electric vehicle and its model at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. BYD F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD Auto, is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) A model poses to promote a BYD F0 at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. F0, a traditional gasoline-fueled car, will be replaced by a Dual Mode (DM) plug-in hybrid in the future. BYD Auto unveiled on October 12 the F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD. F3DM is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) A model pets a child as she poses to promote the BYD autos at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. BYD Auto unveiled on October 12 the F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD. F3DM is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) Visitors view a F3DM electric vehicle at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. BYD F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD Auto, is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) Visitors view a car model depicting the structure of F3DM electric vehicle at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. BYD F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD Auto, is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SHENZHEN, CHINA - OCTOBER 14: (CHINA OUT) The Household Charge Port and Quick Charge Port are seen on a F3DM electric vehicle at 2008 China High-tech Fair (CHTF) on October 14, 2008 in Shenzhen of Guangdong Province, China. BYD F3DM, which has been claimed as China's first mass-produced electric vehicle by BYD Auto, is a gasoline-electric hybrid plug-in vehicle, using a small gasoline combustion engine to charge the car's battery. When fully charged, it can run as far as 100 to 110 kilometers by electricity. BYD planned to launch F3DM hybrid by the end of this year in Shenzhen. (Photo by China Photos/Getty Images)

    Getty Images

    SYDNEY, AUSTRALIA - OCTOBER 09: The Toyota Hybrid Supra HV-R is unveiled during the Australian International Motorshow at the Sydney Convention & Exhibition Centre October 9, 2008 in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

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Karen Block, an independent insurance agent in Medford Wisconsin, indicates that the situation is quite basic and easy to understand. She stated: "Smaller cars have statistically higher repair costs." The Wall Street Journal article reports: "A recent study by the Highway Loss Data Institute, an affiliate of the IIHS, found that overall insurance costs for crash damage were higher for 11 of 12 hybrid cars and SUVs than for their gas-only counterparts."

While the owners of smaller cars may be paying higher costs to have their own cars repaired, it should be noted that their premiums for property damage liability may be lower. This is due to the fact that, when compared to larger vehicles in similar collisions, smaller cars tend to do less damage to the things they hit. There is concern however, that this condition may also mean that smaller cars offer their occupants a reduced level of crash protection, which is why I keep myself surrounded by a full sized Chevy pick-up truck, and keep my wife in her well built Jeep SUV.

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Tags: auto insurance, AutoInsurance, automobile, collision, crash, hybrid, premiums, repair, SUV

Overrated: Is the Prius really worth it?

by Bruce Watson Sep 18th 2008 at 3:00PM

Filed under: Extracurriculars, Ripoffs and Scams, Saving, Technology, Transportation, Wealth

The first problem with the Prius is that it isn't just a car. When the engineers at Toyota began working on a hybrid, their course was probably very clear: they wanted to make a relatively inexpensive, moderately attractive piece of machinery that would go reasonably fast while sipping gas as carefully as Joe Lieberman's poison taster. Maybe they imagined that their car would gain a little cachet in the crunchy granola set, but their primary goal was to create affordable, moderately green transportation. They succeeded, of course, and produced a fine little car that does everything they wanted.

Then the marketing people got their greasy little hands on the Prius and everything went to hell.

Don't miss the rest of our series on Overrated people, places and things!

If your primary interest is in saving gasoline, the Prius is an outstanding bet. The 2008 model gets 48 mpg in the city and 45 mpg on the highway, making it the most fuel efficient car available in the US, according the EPA. Unfortunately, however, all of this fuel efficiency comes at a considerable cost: the price of a current Prius hovers somewhere in the $25,000 range, pushing it out of the range of many consumers. By comparison, a used 1990's Geo Metro gets 38 mpg in the city and 45 mpg on the highway, yet starts in the $2,000 range. For a fully refurbished model, purchasers can expect to pay $4,000-$5,000.

Of course, a used Geo just isn't all that sexy, which brings us to the heart of the Prius matter. While Toyota's wonder machine is great for saving gas, it's even better for improving one's social position. After all, there aren't a lot of cars that convey its mix of environmental awareness, sexy technology and trendy thriftiness. Admittedly, with the high cost of gas, a Prius will become a profitable purchase far earlier than comparable models, but that assumes that you are among the few people who are both willing and able to shell out $25,000 for a new car this year.



Tags: Geo Metro, GeoMetro, Hummer, hybrid, Prius, Subaru, Toyota, Toyota prius, ToyotaPrius

Continue reading Overrated: Is the Prius really worth it?

Mercedes announces new hybrid

by Meg Massie Sep 12th 2008 at 4:00PM

Filed under: Transportation


When they were first introduced, the only hybrid cars on the market were Toyotas and Hondas -- small, practical cars that were admittedly a little funny-looking. These vehicles were much more about economy than style. Luxury automakers were slow to jump on the hybrid bandwagon, as their target customers have not generally been too concerned with the cost of fuel.

Times have changed, though, and rising fuel costs are affecting even the wealthiest sectors of the population. Environmental concerns are growing, too, and hybrid cars are in very high demand. In June 2009, Mercedes will begin selling its first hybrid -- a large car that balances fuel economy with sexiness.

At 30 miles per gallon, the new model will approximately double the mileage of the non-hybrid luxury S-class sedan, but it's still no 60mpg Prius. Mercedes execs argue that this large car is more practical for their customers, with plenty of space to pack for vacations. There's no official price tag just yet, but Mercedes Marketing Director Klaus Maier estimates a premium of less than €10,000, or $14,000. That would put the total price in the neighborhood of $100,000 - $160,000, depending on options.

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Tags: daimler, fuel, gas, honda, hybrid, hybrid cars, HybridCars, hybrids, mercedes, mercedes benz, mercedes-benz, mercedesbenz, prius, toyota

Paying premium for the ultimate status car: A hybrid

by Bruce Watson Jun 19th 2008 at 6:00PM

Filed under: Extracurriculars, Reduce, Reuse, Recycle, Simplification, Transportation

I've never really been a status symbol kind of guy. I usually shop at discount stores, wear cheap sneakers and, until my wife started openly mocking me, used to buy Wrangler jeans. I would argue that I have my own distinctive style. Others might refer to it as "charity chic."

This goes double when it comes to cars. Historically, my rides have tended to display a certain flair, a certain je ne sais freaking quoi, a certain verve.

Of course, others might refer to this elusive quality as "rust."

That having been said, I loved my 20 year old Mercedes, my 15 year old Mustang and my ten year old Cadillac Seville, even as I squeezed the last few miles from each of their engines. If people weren't impressed with the amazing awesomeness of my rides...well, let's just say that cool is a state of mind; some have it and some don't. I never really understood the idea of buying a ridiculously expensive car that looks like pretty much every other ridiculously expensive car. Hummers? Give me a break--why not just buy a surplus tank? BMWs? Save the money and take her to a nice restaurant!

My idiosyncracies aside, prestige automobiles are a very real trend and the cars that people drive often say a great deal about who they are, or at least who they think they are. However, now that gas is starting to rival single-malt scotch in terms of price, people who have used Hummers, Ferraris and Bentleys to overcompensate are finding themselves generating more sneers and fewer smiles. Under these circumstances, a very strange trend has developed. The latest prestige rides are hybrids. In fact, the demand for hybrids has reached such a level that the waiting list for a Camry hybrid in Long Island is six to eight weeks. In New York City, the wait for a Toyota Prius is two to four months.


Tags: camry, camry hybrid, camryhybrid, geo, geo metro, GeoMetro, Hummer, Hybrid, hybrid car, hybrid cars, HybridCar, HybridCars, hybrids, prius

Continue reading Paying premium for the ultimate status car: A hybrid

Gas prices ripple and other money news on June 16, 2008

by Beth Pinsker Jun 16th 2008 at 11:30AM

Filed under: Bargains, Extracurriculars, Food, Insurance, Saving, Shopping, Transportation, Travel, Recession



Tags: car insurance, CarInsurance, gas, gas prices, gasoline prices, GasolinePrices, GasPrices, hybrid, hybrid cars, HybridCars, inflation, recession

Planning for $7 a gallon gas

by Tracy Coenen Apr 27th 2008 at 1:30PM

Filed under: Saving, Transportation

It's not out of the realm of possibility that gas could rise to $7 a gallon within the next several years. I'm skeptical about that, but then, I didn't expect us to be at almost $4 a gallon right now, either.

Obviously, gas at that price will put many Americans in a financial pinch, unless they start planning now. Think three or four years down the road, and ask yourself how prepared you want to be for the possibility that gas will become more of a luxury.

What kind of car should you own? If you're in the market for a car now, consider what kind of fuel efficiency you might require in the future. It might make sense to purchase a hybrid or another vehicle that is more fuel efficient than the car you really want today.

How can you cut down on gas used for your commute to work? If you're shopping for a new house or apartment, consider whether it might make sense to find a place that's closer to work. If you think a job change is coming soon, keep the location of potential new jobs in mind when you're house hunting too.


Tags: fuel economy, FuelEconomy, gas prices, GasPrices, hybrid

Continue reading Planning for $7 a gallon gas

Is a hybrid car looking more appealing to you?

by Tracy Coenen Apr 22nd 2008 at 4:00PM

Filed under: Transportation

Statistics released by an automotive marketing and research company show that registrations of hybrid cars in the U.S. were up 38% in 2007. There are still a relatively small number of hybrids on the road... only about 350,000, or just over 2% of all cars on the road. But as gas prices soar, the likelihood of these numbers growing is great.

The research company says that more hybrid cars aren't on the road because of gas prices, but because of the number of brands introducing their versions of the hybrid. Car companies have come out with hybrid models of the Nissan Altima, Saturn Aura, Lexus LS600h, Chevrolet Tahoe, and GMC Yukon. So now, consumers who were initially considering buying the traditional version of those cars are believed to be crossing over into hybrid land because the choice is finally available to them in the make and model of car that they prefer.

I think one of the drawbacks to early hybrid autos were the small sizes. For a single person or a couple with no children, the small hybrids like the Toyota Prius might be fine. But for families, a small car like that isn't practical. That's why offering a hybrid version of mainstream vehicles makes so much sense.

With today's gas prices around $3.69 locally, I will say that a hybrid is looking more appealing to me. I live very close to work, so I don't really need to worry too much about gas mileage, but it's nice to know that these options are out there.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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Tags: hybrid, prius

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