Gas Insurance Start-Up LoveMyGasPrice Will Reimburse You If Fuel Prices Rise ... - The Car Connection
These days, everything can be insured: cars, homes, our health, our pets, various body parts . But would you pay insurance for gas. In doing so, you lock in a price cap on gasoline that's around 50 cents more than current prices. So, with today's price for a gallon of unleaded regular hovering around $2. 25, you could lock in a cap of $2. 75 per gallon, which would be valid for the next 12 months. (Prices are capped around $1 higher in California. If the average price creeps above your price cap, you'll receive a refund for the difference. (To keep things simple, the site assumes that participants use a full 20 gallons of gas per month -- no more, no less -- though there are plans to allow variations in that number down the line. If, for example, you locked in a rate of $2. 75 and gas suddenly shot up to $3. 75, you could get $240 back over the course of 12 months. Price caps are re-evaluated every 12 months. So, the awesomely low rate you lock in today might not be around in a year (when most of us think that prices will have risen considerably). LoveMyGasPrice says that fuel prices move in lockstep with one-another, so a 50-cent rise in regular prices mean an equivalent 50-cent rise in premium. Source: www.thecarconnection.com
