Since their inception into the mainstream market, hybrid vehicles have been growing in popularity among consumers. Their main appeal is that they help drivers save money in fuel costs. But is that just a trade-off for more expensive insurance premiums?
The answer is yes and no. Every insurance company calculates their customer’s premium payments differently. That’s why AIS shops multiple insurance agencies to give you the best quote for auto insurance. Some things about your hybrid may make it cheaper to insure than other cars, while other factors could make it more expensive. In general, here are some factors your insurance company may think about when determining the insurance rate for your hybrid:
Model specifications: While hybrids don’t really have a reputation for tearing up the roads, many are designed in such a way that your insurance company may classify it as a sports car. Many hybrid models are small, light-weight, and low to the ground. Your insurance company may charge more if your hybrid has such sporty features.
Replacement costs: Hybrid cars are advanced vehicles. Repairing any parts of the drivetrain can be much more expensive than the same repairs would be for a comparable, non-hybrid model. Since the repairs may cost more, the insurance may cost more. On the other hand, the unique build of hybrids can make them more difficult targets for thieves; the ignition system is usually different from common cars. Because of that, you might get a discount.
Your driving record: Having a longstanding, safe-driving record may negate any potential insurance risks that are exclusive to hybrids. Always be sure to ask your AIS representative if you are eligible for safe driver, or other discounts.
This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.