There are lots of things you need to consider before purchasing your next car. If you are thinking about hybrids, there are chances you will have lots of questions. One of them is wanting to know if hybrids are more expensive to insure.
If you are wondering about this, I welcome you to the right article. In this blog post, we will be discussing whether insurance premiums are high when it comes to hybrid cars.
Are Hybrids More Expensive to Insure?
It can be more expensive to insure hybrids than other similar vehicles because they are worth more, and the replacement parts are more expensive. Additional models require professional mechanics to complete the repairs. However, keep in mind that the amount it costs depends on the insurer and the car itself.
For instance, some insurance companies provide discounts of up to $10 for hybrid cars. Discuss with your auto insurer to get the right estimate for the hybrid you want to purchase.
You can also work with good agents to get quotes, so you have a nice idea of the amount you are expected to pay.
Why Are Hybrids More Expensive to Insure?
Insurance providers charge more to insure hybrids because they are more valuable and expensive.
If your car gets stolen or totaled, the insurance company has to cover a higher cost because of the expensive new technology.
Additionally, hybrid parts are very costly, so the repairs cost more. This means insurance carriers anticipate higher costs when the vehicle needs fixing.
On average, damage claims for hybrids are significantly high. This makes hybrid drivers seem very risky to insurers, according to CDG Insurance.
Finally, hybrid drivers do travel longer distances and drive in heavy traffic. And their main goal is to save fuel and money, which can increase the chances of accidents and lead to higher insurance premiums.
Other additional reasons it is very expensive to insure hybrid vehicles include
- These vehicles have high risks of accidents involving cyclists or pedestrians because of their low noise level on the roads.
- There is a low number of hybrids on the road. The vehicles are not that common, which means you will have to pay for specialist services.
- Fragile materials are used for constructing smaller hybrid cars compared to SUVs.
How Much Does it Cost to Insure a Hybrid?
The cost of auto insurance depends on the year of the car, the price, and your driving habits.
Generally, if you have a very expensive vehicle, you should expect to pay more. Some of the factors insurers take into account when calculating your premium include:
- Your driving history
- The car price
- Occupation
- Age
- Marital status
- Credit history
- What you drive
The insurance company will take a look at the safety record of the car model and the repair costs. To give you an estimate of how much it will cost to insure it.
Are Hybrids Dangerous or Safe to Drive?
The answer to the question is that these cars are safe to drive on average. And the fatality rates of accidents are very low.
However, the repair costs are very expensive, regardless of how safe the car is. Therefore, you will need to pay extra for your safety.
According to the hybrid safety records, they are not more dangerous compared to the gas-fueled versions.
They perform really well in high-speed collisions. This is mainly because of the safety features that are included in the cars by the manufacturers.
How Can I Lower My Hybrid Car Insurance Rate?
If you wish to purchase a hybrid car but are worried about the high insurance premiums, there are many ways you can lower the rates.
First, you can increase your deductible. This means you will handle more of the costs so that your insurance provider can lower your monthly premium.
Also, you can bundle insurance policies to get discounts. For instance, you can bundle your homeowners and car insurance.
Check with your insurance company to know whether they provide bundle discounts.
Lastly, do not seek quotes from just one insurance company. Shop around and compare the rates from various insurance companies to help locate the best deals. You can meet with an agent to help with the process.
