The proposed legislation would provide financial support for experimental vehicle research, including new types of hybrids, hydrogen cells and other batteries, and new environmentally friendly engine systems. The U.S. Department of Energy would administer the funds. The major auto manufacturers and the United Auto Workers union have voiced support for this bill, which would provide a further boost to the rebounding auto industry after the success of the CARS program.

Peters, accompanied by House Majority Leader Steny Hoyer of Maryland, announced the proposal on September 3 in Troy, Michigan. The legislation is seen as a boon for Michigan’s economy, which heavily depends on the auto industry; it will also please environmentalists who praise its emphasis on alternative fuel sources rather than reliance on fossil fuels. If the bill is passed, funding might be available to auto manufacturers by the end of this year.

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Touted as a success by environmentalists and economists, the “Cash for Clunkers” program removed 690,114 older vehicles with poor gas mileage from the roads, replacing them with newer fuel-efficient cars. The beneficial effects of this government program have been obvious in the automotive industry, with both General Motors and Ford announcing increases in production for the latter half of this year. “Cash for Clunkers” provided an incentive for consumers to purchase new vehicles, and the increase in demand is creating more jobs in the previously struggling automotive sector. Toyota, General Motors, Ford, and Honda topped the list of auto makers with the most “Cash for Clunkers” transactions, together netting over 64 percent of total rebate applications.

The environmental impact of this program is equally impressive, with an estimated 58 percent improvement in fuel economy expected due to the trade-ins. Most “Cash for Clunkers” trade-ins were trucks or SUVs, while the new vehicles purchased were primarily passenger cars. The White House reported that the cars purchased under this program averaged fuel economy 19 percent higher than the average of all new cars currently produced, making the “Cash for Clunkers” program a big win for environmentalists as well.

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What makes the Chevy Volt desirable?

If Chevrolet’s claims regarding its new Chevy Volt are accurate, this new car stands to revolutionize the way we commute and think about fuel economy. According to their press release, if you drive less than 40 miles per day, the Chevy Volt will consume zero traditional fuel and create zero emissions. In other worlds, according to Chevy, the future of personal automobile has arrived, and it is rated at 230 mpg.

Click to Insure Your Chevy Volt

How can it be rated 230 mpg?

When considering the Chevy Volt’s rating of 230 miles per gallon, it is worth remembering the Environmental Protection Agency is still working out the kinks on how they will test new electric cars for fuel efficiency . As the procedure currently stands, a car is expected to be charged up once a day. Unlike most electric cars or hybrids, the Chevy Volt will be able to complete up to forty miles of completely gasoline free driving on that charge. This means that around three quarters of commuters would be able to do their daily driving without any gasoline at all. The Chevy Volt only begins using gasoline once its electric charge has run down, which is where the 230 mpg rating comes from.

Where can you find car insurance rates for this new car?

Of course, once you decide to make the plunge, it will be necessary to look into getting insurance rates for your new Chevy Volt. These days, there are a handful of websites that can serve as a one stop shop to get insurance rates. Autocareinsurance .com, for instance, provides you quotes on insurance rates from the top providers without the hassle of contacting each insurance provider and haggling with them on your own.

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The ten-day run of the original cash for clunkers program increased much-needed sales for the auto industry, which has been beleaguered by the current economic recession. Of course, skeptics of the program believe that the fix is temporary, and after the funding peters out in September, Labor Day to be exact, car dealers will find themselves in an even larger hole than they were in to begin with.

The major concern for most Americans is where is the money coming from? Once again, the answer to age-old question of how to stimulate the economy rests with the taxpayers. The funding for both the original program and the extension comes from the taxpayers, who have seen more than their fair share of government excess when it comes to stimulus projects. This has been no more apparent than with the bank bail out program. Yet, since the cash for clunkers program is aimed at assisting the taxpayer, is it a bad thing? Probably not for the hundreds of thousands of Americans who were ready to purchase a new car, but for those of us who are already struggling, the impending tax increases to over the cost of all these programs will make it even tougher.

All in all, the cash for clunkers program extension means that more people will have an opportunity to purchase a new vehicle by providing additional cash to drive down the price. If you are in the market, now is a good time to buy.

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Cash for Clunkers

Do you have an older model vehicle and in the market for a new fuel efficient model? Is your car on its last legs, and you do not want to deal with expensive repairs? Then the recent program instituted by the U.S. Government, Cash for Clunkers, may be the right program for you. The government’s “Car Allowance Rebate System” (CARS) has $1 billion allocated to the Cash for Clunkers program and takes gas guzzlers off the road.

So is Cash for Clunkers right for you? In order to qualify for the program, your trade-in model must meet the following requirements:

• Your trade-in must have been manufactured less than 25 years ago.

• Your trade-in must have a combined fuel efficiency rating of 18 miles per gallon or less.

• Your trade-in must be in drivable condition.

• Your trade-in must be insured and registered to the same owner for the past full year.

In addition to the above requirements for the trade in model, the new car bought must have a combined MPG rating of at least 2 more MPGs than your trade-in. Of course, if the value of the trade-in model is less than the rebate offered by the Cash for Clunkers program, then the Cash for Clunkers program is not right for you.

The rebate offered by the Cash for Clunkers program is either $3500 or $4500 depending on the fuel efficiency of the new model. If the new vehicle being purchased has a fuel efficiency of 5 MPG more than the trade-in vehicle, the larger rebate can be obtained. In addition, by electing to use the Cash for Clunkers program, the buyer is no longer in a position to negotiate a trade-in value for their older vehicle and has to accept the fixed rebate amount of either $3500 or $4500.

Thus, if you are in the market for a new car with great fuel efficiency and have an older model to trade-in with a value under $3500 or $4500, then Cash for Clunkers is the right program for you.

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Avoiding Car Insurance Fraud

Many people that are struggling with their finances due to the current recession are turning to car insurance fraud to find some financial relief. People are ditching, burning, pushing their cars off cliffs, even sinking their cars and then reporting them as stolen to cash in on the insurance money.

According to the Associated Press there have been instances of vehicles found burning in the Nevada desert, cars that have been pushed into the Miami canal, and there was a BMW found buried in a field in Texas.

Other ways that people try to defraud insurance companies is by filing false accident reports, false “hit while parked” claims, and phantom accidents. One example of this is a man who took a hammer to his truck. He beat up the body of his truck and then said that he had wrecked his vehicle.

These practices seem to be on the rise as people are looking for an easy solution to their financial woes. People that are having a hard time repaying their car loans are some of the ones who are susceptible to taking this route. Some people view getting rid of the car and reporting it stolen as an easy way to eliminate a monthly car payment.

Some of the people involved in insurance fraud are people who normally do not involve themselves in criminal activity. But their conscious is eased by viewing insurance fraud as a victimless crime, since the insurance company is the one losing money; and the insurance companies have plenty of money to spare. What people fail to realize is that the money the insurance companies lose is passed on to consumers through higher insurance premiums. It is not only a crime against the insurance company, but also a crime against all who pay a higher premium due to fraudulent claims.

What people need to realize is that insurance fraud is not only a crime that affects everybody who has to have insurance, but is also a crime that can lead to stiff fines and jail time. The question that car owners considering car insurance fraud need to ask themselves is this one, is it really worth it? Is it worth the price of a heavy fine or the price of losing my freedom? Is it worth having a criminal record and the risk of paying higher insurance premiums or being unable to obtain car insurance later on?

The obvious answer to this question is obviously no, it is not worth the risk; insurance fraud is never the route to take. Instead, car owners who are struggling to make their car payments should try to work out a deal with their lenders before throwing in the towel. If a person can work out a deal with their lender it is a win-win situation for both parties; with car insurance fraud nobody wins.

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Buying American?

It is common to debate the pros and cons of buying an American made car today, mainly because people are looking for vehicles that are affordable and reliable. Purchasing a car can be an overwhelmingly stressful decision and one that could carry serious consequences should the wrong decision be made. Yet many American consumers want to support the American vehicle market and economy by purchasing a car that is homemade. So, what are the pros and cons of buying an American made car today?

First are the pros of buying a new American car. In most cases, buying from such American makes as Chrysler, GM or Ford is going to save money. With these companies struggling in the tough economy, and with Japanese cars surging forward competitively, American companies must lower prices and give better deals to stay afloat. When it comes to quality, Consumer Reports and research is showing that American cars are being built to meet higher standards today. Payment protection plans are being offered now at most American car manufacturers. Finally, some consumers still prefer the masculine or muscular look to the American-designed vehicle. Many are standing by their domestic vehicle or choosing to take the plunge and try one out themselves.

On the other hand, there are cons to buying American versus foreign. Foreign built cars are considered to be superior in design, engine size, power and endurance. While these characteristics vary depending on the models of the vehicles, and the opinions of those driving them, these are the main reasons consumers often choose to go foreign when car shopping. Also, with the economic trouble of these times, many consumers have lost faith and trust in American vehicle manufacturers and are weary about buying domestic.

No one can say concretely if it is better to buy domestic or foreign vehicle. The pros and cons of buying an American made car today may change as the economy evolves over the next couple years.

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The value of their investment portfolio is down: An insurance company is in the business of limiting their losses to increase their profits. Since the global financial crisis began their investment portfolio has been down dramatically. Under current accounting rules, the insurance company has to do what is known as mark to market, where they will write down the loss in their investment portfolio on their books. For most corporations and individuals they would have to absorb the loss and wait for the investment portfolio to turn around. However, with insurance companies they can increase everyone’s car insurance premiums to make up for this loss, just one way that the economy affects car insurance rates.

Credit history: Another way that can dramatically affect your car insurance rates is your credit rating. With many consumers having trouble keeping up with their bills, this inevitably means that you could be late or have some write offs as a result of tough economic conditions. This means that your credit rating could be lower because you were late or had write offs leading to higher insurance rates, yet another way that the economy can affect car insurance rates.

Everything has become more expensive: Even with commodity prices down, in comparison to just ten years ago the prices of all goods and services has increased dramatically. This increase is passed onto you in the form of higher car insurance rates.

Clearly the economy affects car insurance rates in many different ways. Some of the more common economic reasons for increasing your car insurance rates include: the insurance company is seeing lower values of their investment portfolio, your credit history and the cost of everything has become more expensive. These are the common reasons why many are seeing increases in their car insurance rates during these challenging economic times.

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According to the article, insurance providers use premiums and investments as a means of income. When the investment side of an insurance company isn’t fairing well, they turn to increased premiums to help keep things in the black.

At a time when even super safe Treasury securities are taking a hit and nothing seems to be a solid investment, corporations such as insurance providers are turning to the consumer’s rates to remain stable.

What do you think?
Leave your comments below, and read the entire USAToday.com article here.

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The class consists of all persons who are residents of the United States and who purchased a new or used 2002, 2003, 2004 or 2005 model year Saturn VUE or 2003 or 2004 model year Saturn ION equipped with a continuously variable VTi transmission. Certain automobile dealers and people who sued GM seeking damages for alleged personal injury or property damage in connection with a VTi transmission are excluded from the class.

Certain restrictions and limitations apply to the class action suit. You can read more about it if you are a Saturn owner by visiting the full pres release here:

http://www.prweb.com/releases/2009/04/prweb2281274.htm

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