Most people that buy hybrid cars do so because it helps keep the environment cleaner and cuts down on fuel costs. In other words, hybrid cars create a win-win situation for saving the driver money and keeping the planet cleaner. One thing that most people don’t think about when they buy their new hybrid cars is the amount of money they will need to spend on insurance.
Common Misconception: Hybrid cars are cheaper than non-hybrid cars to insure
A very common rumor that has circulated around the web and social media is that hybrid cars are cheaper to insure in comparison to non-hybrid vehicles. Although it’s tempting to believe that they would cost less to insure, if you examine the cold hard facts, owners of hybrid cars actually tend to pay higher insurance rates. The premiums on their insurance payments are greater because the value of a hybrid vehicle compared to a standard car is considerably higher.
Value of your hybrid plays a role in insurance costs
Anytime the value of a vehicle is considered “above average” when compared to most other vehicles, it is going to correlate with “above average” insurance rates. I know it may seem unfair that you get charged more money on insurance for trying to cut down on fuel emissions with your hybrid, but if you were to get into an accident with a hybrid, the damages would be more expensive to fix. If the vehicle was totaled, it would be more expensive to replace.
How much more does a hybrid cost to insure?
It really depends on the type of hybrid that you purchase. One of the best methods for determining the amount of money you’ll be expected to pay is to just look at the price tag. If you buy a hybrid that’s valued at $60,000, you may end up paying anywhere from 35% to 55% more on your insurance compared to someone who drives around in a $20,000 vehicle.
The reason for the price increase is mostly due to the fact that parts cost more to repair. If you think in terms of the engine and motor, it is not the same as a traditional vehicle. Most hybrids are part gasoline and part electricity. The electrical engine generally helps power the vehicle and when the speeds are below 20 MPH, the vehicle runs on purely electric power. Having the electrical components and/or engine damaged is going to require special repair work compared to a normal vehicle.
What are some of the best hybrid car insurance companies?
Are there any specialists?
Believe it or not, there aren’t really any insurance companies that specialize in providing hybrid auto insurance. Although part of me is surprised that there aren’t a few companies trying to fill this niche, it’s tough to compete with the established insurers out there. Traditional auto insurers like GEICO, State Farm, Allstate, Progressive, et al. are all providing their drivers with insurance policies to fit their hybrid vehicle.
Get and compare some free quotes
If you own a hybrid and want to get a quote from these top companies, you can easily do so by entering your zip code into the form at the top of the page – it is completely free and very simple. So in terms of reliable insurance for your hybrid, it is recommended to go with the company that you feel provides the best services for the money – I wrote about this in an article called “Best Bang for Your Buck Car Insurance” if you want to check it out.
Are there any special savings for hybrid car owners on insurance?
At the moment, if you take the time to dig into each insurance company’s mainstream policies for their customers, there aren’t any ways to save designed specifically for hybrid car owners. I think this may change in the future as hybrids become more popular in the mainstream. Right now there really just aren’t enough hybrid owners for there to be any motivation for insurance companies to target them for extra savings.
The world is constantly changing and insurance is constantly evolving to fit the needs of the drivers. If transportation by jetpack became popular, I’m sure companies would specialize in insurance for those! Right now though, there really aren’t any niche companies for just hybrid insurance.
Hybrid Cars: The Pros and Cons of Owning One (Video)
Ron of GreenCar.com breaks it down!
What type of policy should I buy for my hybrid car?
When insuring a hybrid vehicle, it’s important to have coverage that pays for repair damages in full if you get into an accident. My recommendation is that if you live in a busy city where there is a lot of traffic and people, get comprehensive car insurance coverage in addition to collision. Take a look at the levels of insurance that you are offered and choose a policy that you can afford and that makes sense.
Get some extra coverage
You don’t want to walk back to your nice hybrid only to see that it was damaged by anonymous vandals in a parking lot. If your hybrid is stolen, having insurance that will compensate you in full is your best bet. Most people that spend the extra money to buy a hybrid, should definitely spend the extra money on the insurance protection that is offered.
Practice safe (clean) driving with your hybrid!
If you want to get the best rates though, it will be up to you as a smart consumer to compare coverage options and cost of services among companies. If you use the quote comparison tool at the top of the page, all you need to do is enter your zip code, and the companies with the best rates will compete to offer you the best prices. I wish you nothing but the safest and environmentally friendly travels with your hybrid!