|
Newsroom ›› Press Releases
TRAVELERS INTRODUCES FIRST HYBRID BOAT & YACHT INSURANCE DISCOUNT
Innovative boats need innovative insurance — Travelers offers up to 10 percent discount* for hybrid vessels
HARTFORD, Conn., October 30, 2008 — Now, more than ever, boaters are looking for ways to improve
fuel economy and reduce their impact on the environment without sacrificing speed. As a result, hybrid powered boats
are starting to enter the market. As boaters are beginning to purchase these innovative vessels, Travelers
(NYSE: TRV)
stays in-synch by today announcing an innovative, industry-first discount of up to 10 percent on
hybrid boat and yacht insurance.
The marine industry has responded to consumer demands for efficiency with new technology and hybrid powerboats fully capable
of delivering the performance most boaters expect. Hybrid boats allow the operator to utilize electric propulsion at low
speeds to minimize or eliminate emissions and fuel consumption. However, hybrid powered boats can generate the horsepower
needed to reach higher speeds with the internal combustion engine.
“Hybrid vessels are using the latest, state-of-the-art technology in the marine industry,” said Chantal Cyr,
vice president of the Boat and Yacht Division for Travelers. “At Travelers, we closely follow the newest developments in
boating so we can deliver the best marine insurance products and services to meet our customers’ evolving needs.”
Recently, various highly regarded manufacturers in the marine industry have introduced their versions of hybrid boats to the
marketplace. The Hinckley Company offers a hybrid power option for customers interested in its DS42 model, Scout Boats
launched a hybrid model in late 2007, Frauscher Bootswerft introduced its hybrid to the United States in May 2008 and the
Island Pilot DSe Hybrid will make its debut at the 2008 Fort Lauderdale Boat Show. Steyr Motors, which powers the Frauscher
vessels, markets its hybrid engine as the “world’s first serial hybrid propulsion system for pleasure boats.” In addition,
other large production manufacturers are reportedly researching hybrid propulsion and developing prototypes to include in
their lineup of boats.
“Travelers marine specialists thoroughly reviewed the functionality and operation of hybrid boats currently in the
marketplace,” said Cyr. “Our research suggests boat manufacturers will begin incorporating hybrid designs into different
models to provide a hybrid option similar to what’s taking place in the automotive industry.”
A hybrid boat is specifically designed to reduce greenhouse gas emissions and to conserve fossil fuels in comparison
to the typical gasoline or diesel only powered boats. Travelers defines a hybrid boat as one that utilizes an integrated
propulsion system that incorporates both an internal combustion engine and an electric motor in its original design. In
this system, forward propulsion can be accomplished with the use of the electric motor with or without the use of the
internal combustion engine.
Travelers continuously seeks ways to enhance existing products and develop new insurance solutions and services to
address the impacts of changing climate and encourage environmentally friendly behavior. Travelers was the first insurance
company to deliver a national hybrid auto insurance discount, as well as the first to deliver an insurance discount to electric
boat owners. The company also provides business insurance products for environmentally focused commercial customers.
For more information on the hybrid boat insurance discount,
or to find a local Travelers independent insurance agent, visit www.travelers.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.
###
CONTACTS:
Media:
Matt Bordonaro
860.277.7014 / Cell: 860.202.3034
Sheila Trauernicht
860.277.7461
*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.
TRAVELERS TO OFFER HYBRID OWNERS ACROSS U.S.
10 PERCENT DISCOUNT ON AUTO INSURANCE
Travelers First to Implement a National Discounted Insurance Product
Specifically for Hybrid Vehicle Owners
HARTFORD, Conn., January 5 , 2006 –
Travelers (NYSE: TRV), today announced plans to implement a 10 percent discount* on auto insurance to hybrid vehicle owners
in the United States beginning in February 2006. Travelers is the first auto insurance company to begin implementing a
discount for hybrid owners nationwide.
“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. “Additionally, hybrid vehicle sales have at least doubled every year since the first
car was offered in the U.S. in 1999. This trend shows no signs of slowing, and Travelers intends to serve this growing
market with innovative products to meet the changing needs of our customers.”
As of August 2005 U.S. roads saw 328,157 registered hybrid vehicles. Most were in California, followed by Virginia,
Washington and Florida. Los Angeles tops the list for most hybrids by city, followed by San Francisco, Washington, D.C.,
and New York. According to company data, hybrid owners insured with Travelers are typically married, age 41-60 with
both genders represented equally.
The discount for hybrid drivers is the latest in a long series of firsts for the company that wrote the first
automobile insurance policy in 1897. Other firsts include the first policy covering electronic data processing
liability in 1961, the first policy to protect individuals using personal computers for online banking in 1997,
and the first insurance company to offer consumers protection against identity fraud in 1999.
Until recently, hybrid ownership was confined to those attracted to new technologies and the environmentally conscious.
Rising gas prices over the past few years, however, have fueled interest in the cars among general consumers. The aftermath
of Hurricane Katrina, which saw gas prices as high as three dollars a gallon, contributed to this growth trend. Governments
at all levels provide numerous tax breaks for hybrid owners, and some localities offer other incentives, such as access
to high occupancy vehicle lanes.
“Industry experts predict that hybrids could make up nearly 15 percent of total registered vehicles within the next 10
years. Travelers’ discount will provide further incentive for consumers contemplating a hybrid as it will help to offset
the higher price of these vehicles,” said Toczydlowski. “This is one more example of Travelers’ commitment to being an
innovator in the insurance industry with sophisticated pricing and a breadth of products that protect our customers’
balance sheet.”
For more information on Travelers’ hybrid car insurance 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.
###
CONTACTS:
Media:
Sheila Trauernicht
860.277.7461
Matt Bordonaro
860.277.7014
* 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.
Back to the Newsroom
|
|
