While the tax credits for hybrids are fast disappearing as more and more people are going green (and saving money on gas), there are still other financial advantages of hybrid ownership.

Hybrid auto insurance discounts vary greatly from company to company, and are not applicable to all coverage. Farmer’s was the first company to offer a generic “hybrid discount,” and their reduction is about 5%, but is limited to California residents. Traveler’s was the first to advertise a national discount program. It’s a reduction of up to 10%, but there are specific requirements. Other major insurers have since jumped on the hybrid discount bandwagon, and offer “hybrid discounts” of 7-10%.

Other Discounts Available

Despite these hybrid discounts, insuring an “alternative fuel” car is still pretty pricey, because there are fewer accident statistics available to insurance industry analysts, and because of the specialized parts that require equally specialized repair shops.

Hybrid drivers, however, tend to be safe, experienced drivers from upper-middle-class socioeconomic backgrounds, and it is that trend that allows for savings. Translation: while you may not get a huge discount just because of your car’s eco-friendly status, you can add to the hybrid discount with others, to increase your savings.

What are those other discounts? Here is a representative sample:

• Auto/Home/Life Bundling: If you bundle all of your insurance policies with one insurance company, you’ll save some money (2-3% ) on all of them. If life insurance isn’t part of your package, don’t despair. You’ll still save money by bundling just auto and home coverage.

• Anti-theft Devices: If your hybrid is fitted with an alarm system, engine immobilizer, or a tracking device, like LoJack, you may qualify for a discount on your insurance.

• Low Mileage: Hybrids are hardly meant for routine long-haul treks. If your mileage is lower than 14,000 miles/year, you probably qualify for a low mileage discount.

• Mature Driver/Good Student: Since hybrid drivers tend to be well-established in life, and in their professions, it’s quite possible your age will earn you a “mature driver” discount. If you’re the parent of teen drivers, you can capitalize on their good grades with a “good student” discount as well, but be aware teen insurance is still expensive no matter what powers the vehicle.

• Defensive Driving: Did you know you can get cheaper insurance by taking a class? Most insurance companies offer a 3-year/3% discount for clients who take defensive driving classes when they do NOT have a traffic ticket to erase, and after the three years are up, you’re allowed to repeat the course, and reinstate the discount.

Of course, the discounts listed above are just some of the ways hybrid drivers can maximize their savings. You can also raise your deductible, which will lower the premium you pay, for example. When you are next shopping for new insurance, or negotiating a renewal with your existing provider, be sure to ask what other discounts and credits they offer.

Bankruptcy is all but a forgone conclusion for GM next week. Since the government would then own about 70% of GM, the question presents itself, will the government scrap the Chevy Volt?

The Wall Street Journal recently did an examination of whether the government would scrap the Volt, and found that since it’s not in a position to start turning a profit any time soon it would be a good business decision to do so.

The government has turned itself into a bit of a two-headed monster though. One head wants to take GM and get it earning a profit again, while the other head is pressuring all automakers to make green vehicles like electrics and hybrids.

Considering this, Autoblog Green postulated that the government could be in a position to increase gas taxes to drive up demand for green vehicles like the Chevy Volt. Could both heads to accomplish their goals? Let us know what you think.

Hooray for the Brits, who are now offering citizens a £250 million incentive program to push the plug-in and electric vehicle industry as part of an ultra-low carbon private transport development budget.

Rebates  of up to £5,000 ($7,480 US) are being offered for purchases of full electric or plug-in hybrid vehicles.

Moreover, the British government is investing £20 million for more public charging outlets for EV drivers. The charging stations are part of proposals for the creation of infrastructure of “electric car cities” across the UK. The government also plans to launch consumer trials of a fleet of 200 electric vehicles.

You know things are looking up for the eco-friendly auto industry when king of the world Bill Gates is planning to invest in hybrid technology.

Reportedly, Gates appears as a principal applicant on a patent published last week for an electromagnetic combustion engine, a machine that would have pistons while burning fuel ignited by spark plug, but would be aided by electromagnets to speed up the recovery process, negating the need for alternating pistons. As Fast Company puts it, the new technology is possibly a blueprint for a “hybrid engine without the need for two discrete drivetrains, as with today’s hybrids.”

With consumers being lured by a new $7,500 tax incentive being offered for buying hybrid vehicles, it’s no wonder that Gates, who is always savvy with his investments, is looking to score a piece of the hybrid pie and help find new ways to develop the technology while he’s at it.

According to the Nikkei newspaper in Japan, Toyota is expecting to take 40,000 preorders in Japan for its new 2010 Toyota Prius hybrid, which will be available to consumers in May. Toyota recently set the starting price for the new 2010 model at 2.05 million yen, about $20,750 US dollars. However, US pricing has yet to be announced.

The 2010 Prius boasts a sweet interior, with a futuristic dash and a Lithium Ion battery pack, which is half the size of the existing pack and comes with two or three times the power.

Autobloggreen reports that Toyota sold a total of 73,100 Prius hybrids in all of 2008.

For their part, top competitor Honda sold 18,000 Insight Hybrids, which are priced at $20,470, during the first month on sale. Will the 2010 Prius beat that? Who will win the title of the world’s best-selling hybrid?

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Hyundai is entering its vehicle into the hybrid-electric car pool, with the Hyundai Nuvis crossover concept.

Designed by Hyundai’s California Design Center, the Nuvis is the eleventh concept and “hints at a possible design direction for a future-generation crossover, blending attributes of a tall urban car and a premium utility vehicle,” according to the company press release.

Other environmentally-friendly features include an interior which boasts seat fabrics made from 100 percent post-consumer recycled polyster made from reclaimed soda bottles.

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Ever wonder who held the title of most eco-friendly automaker? Toyota and Honda were rumored to be the greenest automakers, but it wasn’t clear who held the title, until now.

According to a recent report by Business Car in the UK, the title of World’s Greenest Automaker belongs to Toyota.

In a press release, Business Car says, “Toyota has retained its position as greenest vehicle manufacturer according to a study conducted by Business Car magazine. For the second year running, the top 20 fleet manufacturers were rated and ranked based on survey results and other research by Clean Green Cars (www.cleangreencars.co.uk) on the various attributes and achievements of each brand. Scores were weighted to allow for sales volume to give a true comparison of large and small brands. Toyota was top-rated with a score of 86 per cent.”

They go onto say, “Toyota has achieved its leading green status thanks to industry leading hybrid applications – most famously the Prius – and also environmentally considerate manufacturing and recycling. The company is also on target to achieve its goal of whole-fleet CO2 emissions of 140g/km this year. The introduction of Toyota Optimal Drive, a range of powertrain design and engineering features that increase output, while significantly improving emissions performance and fuel efficiency, gives almost every Toyota model a green edge over its rivals.”

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Mazda, yet to jump on the EV or hybrid bandwagon, is at least taking steps to revamp their vehicles for the sake of the environment. And they also make promises to begin production on hybrids and electric vehicles, but not until 2015.

Yes, the brand that has you singing “zoom-zoom” after their ads air, is planning to focus on a more cost-effective venture for now, focusing on fuel efficiency and weight reduction in all of its vehicles with the goal to increase fuel efficiency 30 percent by 2015.

According to Mazda CEO Takashi Yamanouchi, “Our new gasoline engines will achieve the same fuel economy as current diesel engines, and our diesel engines will achieve similar fuel economy as existing hybrids.”

Mazda hopes that with these changes, they can offer eco-friendly vehicles that are more accessible to the mass market. Along with weight reduction to their fleet, Mazda plans to add improved aerodynamics and low rolling-resistance tires to their vehicles.

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President Obama announced plans to buy 17,600 American-made, fuel-efficient cars and hybrids for the government fleet, in an effort to salvage flailing U.S. automakers and promote environmentally friendly cars.

Obama plans to spend $285 million in stimulus funds by June 1 to buy fuel-efficient vehicles from the big three: GM, Ford and Chrysler. The purchase is slated to include 2,500 hybrid sedans, the largest one-time purchase of hybrid vehicles to date for the federal fleet.

“This is only a first step, but I will continue to ensure that we are working to support the American auto industry during this difficult period of restructuring,” Obama said in a statement.

The Obama administration said that the initive will reduce the government’s gasoline consumption by 1.3 million gallons a year and relieve the atmosphere of 26 million pounds of carbon-dioxide gasoline vehicles would otherwise release.

Japan is considering following many other countries – seeing the benefits to both the auto industry and the environment by offering cash incentives to those who buy hybrid and electric vehicles.

The new program would provide cash back ranging from $1,000-3,000 depending what is purchased. Buyers of fuel-efficient mini-cars that meet certain emissions and efficiency criteria would be eligible for the minimum rebates. Larger vehicles and hybrid and electric vehicles could get as much as $2,000 back. Those who opt to trade in a car that’s at least 13 years old would get back an extra $1,000.