Buying Green Insurance For Your Car and Home

Buying Green Insurance For Your Car and Home – Green Living Tips
Did you know that some of the largest insurers are now offering green insurance for your car and home? It’s a very interesting proposition, and not as difficult a concept to grasp as you might imagine.
Actually, green insurance is a concept that is pretty easy to grasp. Let’s begin with green insurance for your home. 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 vehicles and consumers who limit their overall driving by offering discounts. It is believed that hybrid car owners have a tendency to be more conscientious when it comes to the maintenance of their automobiles and driving in general. While car insurance companies have traditionally reduced rates for customers who drive less, the green insurance rates are a greater reduction than in the past.
You might think that it is really great that insurance companies offer discounts and special policies to customers with a green conscience. While it can be very worthwhile for the green-conscious consumer, it is also worthwhile for 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 insurers who now offer energy policies to consumers who generate their own power off grid through solar, wind, or geothermal process. These policies insure the policy holder against failure of their energy generation systems. Should failure occur, the insurance company will pay the cost to purchase power elsewhere, fix the equipment and bring it back online.
Homeowner’s green insurance policies almost all add additional cost to premiums to guarantee repair or rebuilding with green materials. This makes the policy more profitable to the insurance company. As previously mentioned, most insurers offer discounts 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 achieved through the use of GPS technology. Some car makers are including easy methods for mileage monitoring in their vehicle design. Some insurers even 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 options that are available in the area of green home 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 would only make sense to have this option included as part of your homeowner’s policy. The same common sense applies to your car insurance, too. If you own a hybrid or are considering buying one, why not take advantage of the discounts an insurer can offer you for making this choice? And, 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.