Washington Sees Continuous Growth in Hybrid Drivers in Past Five
Years
HARTFORD, Conn.--(BUSINESS WIRE)--Aug. 26, 2008--High gas prices,
the current economic climate and environmental concerns are fueling
the urge for car owners to identify ways to reduce their fuel
consumption. Washington residents are doing so by turning to more fuel
efficient hybrid vehicles. More than 5,400 new hybrids were sold in
the state so far this year ranking it sixth in the nation for hybrid
vehicle sales according to the most recent data reported.(1) In
Washington, the number of new registered hybrid vehicles has risen
dramatically over the last five years, ranking the state in the top 10
states consistently for new registrations. Besides saving on fuel
costs, hybrid drivers can take advantage of different tax incentives
as well as a discount on their auto insurance from Travelers
(NYSE:TRV).
New registrations for the last five years are as follows:
Rank Year New Registered Hybrid Vehicles
4 2003 1,972(2)
3 2004 3,441
7 2005 6,970
7 2006 8,650
4 2007 13,107
"Drivers in Washington, specifically the Seattle/Tacoma areas, are
embracing hybrid vehicles and the benefits they offer," said Carrie
Cheshier, regional vice president of the Northwest region for
Travelers. "As trends change and needs evolve, Travelers is committed
to providing innovative insurance products, like the hybrid auto
discount. In the last five years, the state saw gains in hybrid car
registrations, which confirms that there is a growing need for the
right insurance products to protect these investments."
Travelers analyzed data from R. L. Polk & Co. for the five year
period, 2003 through 2007, and found that the figures prove motorists
in Washington are making significant steps to find relief from
record-high gas prices. In addition, Edmunds.com reports that
consideration of hybrid vehicles on their site, which is a popular
resource for new car buyers, has increased by 24 percent compared to
December 2007.
As part of these research efforts, Travelers calculated the growth
of registered hybrid vehicles in Washington from 2003 to 2007. From
2003 to 2004, the state saw a 74 percent increase in registered hybrid
vehicles. An even more significant leap was noted in 2005, when new
registrations increased by 103 percent over 2004. Although growth
slowed in 2006, logging only a 24 percent change, 2007 added another
52 percent over the previous year in new hybrid registrations.
"This information suggests that consumers see the value in driving
hybrid vehicles that offer fuel-efficiency and
environmentally-friendly options," said Cheshier. "Plus, hybrid
drivers can take advantage of several incentives including up to a 10
percent discount(3) on their auto insurance coverage from Travelers."
For information about federal and state incentives for hybrid
owners and how you can benefit from the hybrid discount, visit
www.hybridtravelers.com.
About Travelers
The Travelers Companies, Inc. (NYSE:TRV) is a leading property
casualty insurer selling primarily through independent agents and
brokers. Travelers understands that life and business are inherently
dynamic and that the best way to serve customers is to deliver
insurance in-synch with evolving risks. The company's diverse business
lines offer its global customers a wide range of coverage in the auto,
home and business settings. Travelers is a Fortune 100 company, with
2007 revenues of approximately $26 billion. The company has more than
33,000 employees. For more information on being in-synch, visit
www.travelers.com.
- Registrations CYTD May 2008 from Hybridcars.com
- R. L. Polk & Co.
- A discount of up to 10% applies only to certain coverages. The
discount may not be available in all states and is subject to
individual eligibility.
CONTACT: The Travelers Companies, Inc.
Media:
Matt Bordonaro, 860-277-7014
MBordona@Travelers.com
Sheila Trauernicht, 860-277-7461
Strauern@Travelers.com
SOURCE: The Travelers Companies, Inc.