Consumer Alert: Gas Insurance - Cleveland 19 News Cleveland, OH

Consumer Alert: Gas Insurance

Gas prices can fluctuate during the same day. (Source: WOIO) Gas prices can fluctuate during the same day. (Source: WOIO)
(WOIO) - You can get insurance these days for just about everything. Even for obscure stuff, like body parts or your marriage. But a new company has come up with protection that could benefit all of us: gas insurance. With the crazy prices we had last year, many of you are saying, fill me up.

There are very few of us that can escape the impact of gas prices. Whether they go up or down, we're all along for the ride.

"It's gonna go up. It's just a matter of when," says GP Manalac, CEO of www.lovemygasprice.com.

But now when they do, you can take control.

Lovemygasprice.com is a brand new company that allows you to protect yourself against paying higher prices at the pump.

"It works like insurance. You pay the premium and you get peace of mind," he says.

Signing up is three clicks away. The premium is $4 a month. It gets your gas capped at a price of $2.75 per gallon. If the national average rises above that, the company says it will refund the difference. That's money back in your pocket.

"The money automatically shows up in your account," says Manalac.

And that sounds great to drivers.

"Where I live in California, prices go up and down frequently. So if I could lock in a lower rate, that would be a really good idea," said one motorist.

"If we could keep it at $2 and have some insurance on that I think it'd be okay," says another driver.

Manalac says the product isn't for everyone. But just hours into the website's launch, hundreds have already signed up.

"It's putting some amount of control into the hands of everyday drivers, like me and you," Manalac says.

Another website, www.mygallons.com, also allows customers to pre-purchase gas online and lock in the current price. That's very helpful if prices spike, though it could backfire if the opposite occurs. 

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