New Jersey hybrid owners can now take advantage of a 10 percent discount on auto insurance offered by Travelers of New Jersey.
The discount comes on the heels of Governor Jon S. Corzine’s announcement last spring that the New Jersey Turnpike Authority will allow hybrid vehicles to travel in the Turnpike’s High Occupancy Vehicle (HOV) lanes. This follows the introduction this year of a federal tax credit for the purchase of “advanced vehicle technologies” of between $250 and $3,400.
“With the added bonus of driving solo in the HOV lane of the turnpike, it is apparent New Jersey is taking noticeable measures to extend the popularity of hybrid vehicles throughout the state,” said Phyllis Forsyth, president of Travelers of New Jersey. “We salute this spirit of forward-looking innovation and will continue to develop products and services that evolve to fit the changing needs of our New Jersey customers.”
Earlier this year, Travelers became the first auto insurance company to offer a discount to hybrid drivers on a national level and has been rolling out the discount state by state. So far the company has made the discount available in 39 states, most recently New York, Maryland, Florida, Kentucky and Washington.
“Our preliminary research indicates that hybrid owners tend to fall into the preferred insured category, and at Travelers, lower risk drivers are rewarded with lower premiums,” said Greg Toczydlowski, senior vice president of product management for Travelers Personal Insurance. “And considering the growth potential of the hybrid marketplace, we want to be well positioned to meet its needs.”
Travelers of New Jersey policies are underwritten solely by First Trenton Indemnity Company and Travelers Auto Insurance Co. of New Jersey, which are licensed to write business only in New Jersey.
Source: Travelers is a business of The St. Paul Travelers Companies, Inc.
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