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.

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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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.

Vespa Scooter-riding Academy Award-winning actress Penelope Cruz told the UK Times that she no longer wants to be trapped by the environmental pitfalls of cars, and is promoting the hybrid.

“I think it is very good for all of us to have a hybrid car. It is too selfish to have something that uses too much fuel or makes a mess of the atmosphere. I like cars. I enjoy their speed and their power, but I do not want to be trapped by them any more.”

With Chrysler and GM out of the running, China is vying to become the world leader in hybrid and electric vehicles.

The New York Times reports that China is aiming for a production capacity of 500,000 hybrid or all-electric vehicles a year by 2011 – outnumbering the amount of eco-friendly vehicles the U.S. and Japan will be able to put on the roads in the same time frame.

China, who gets three-fourths of its electricity from coal, is offering subsidies for taxi companies and municipalities that switch to electric or hybrid vehicles. The government has also ordered construction of electric-vehicle charging stations for Beijing, Shanghai and Tianjin, the Times reported.

San Fransicans are saying a big “hells yeah” to the Ford Escape hybrid taxis roaming the city streets. San Francisco’s first 15 hybrid taxis, all Ford Escapes, all reached the taxi retirement age of 300,000 miles and are being taken off the road. Their staying power shows that hybrid technology is more durable than expected; and according to the LA Times, these eco-friendly vehicles have saved taxi drivers approximately $9,000 a year.

Today, 14% of San Francisco’s 1,438 taxis are hybrid vehicles. Yellow Cab has ordered ten new Ford Fusion sedans, which offer better gas mileage than the Escapes. They are currently testing Nissans.

“We’re still looking for the perfect cab,” Yellow cab company manager Hal Mellegard said. “There’s new technology all the time. They may make something next year that runs on dirt and has zero emissions. That’s what I’m hoping for.”

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