Affordable Car Insurance Fast

Hybrid Insurance Rates

As we’ve all continually heard throughout the years, there are many advantages to owning a hybrid car. They provide excellent fuel economy, due to a hybrid gas/electric engine, an eco-friendly ride, affordability, and generally cheaper insurance than other vehicles. But are they really all that they’re cracked up to be, in terms of insurance payments? Most would say "yes," they are.

It’s obvious that a hybrid car is going to save the consumer tons in gas mileage. They also generally have much cheaper insurance premiums than any other car on the road. One reason for the low rates is that they are considered by most insurance companies to be a "low-risk" vehicle. The average age of a hybrid owner in America is between 41 and 60 years old. These are more experienced drivers, who insurance companies trust to be more responsible drivers, who take less risks than say, owners of a Dodge Viper. Hybrid cars are also much easier on wear and tear of the engine than their gas counterparts. This essentially means a longer life of the car, with less repairs. You guessed it, that means lower premiums. Many insurance companies will offer a 10% discount on insurance, just for insuring a hybrid car. Additionally, in 2006 the federal government enacted a tax credit for anyone who buys a hybrid vehicle. Consumers who by a Toyota Prius can receive a tax credit of $3,150! For car buyers who opt for the Ford Escape Hybrid 2WD or the Toyota Highlander Hybrid 2WD, there is a tax break of $2,600. Imagine having that much taken off your taxes. Wouldn’t that be nice?

There aren’t many cases where owners of hybrid cars will end up paying more than some owners of other gas cars, but there are a few cases. For instance, your driving record still counts, despite the fact that you own a hybrid. If you’ve had a few incidents or claims within the past few years, you may pay a pretty penny, even while insuring a hybrid vehicle. Additionally, experience driving also matters, so young drivers under 30 will likely experience higher rates, especially if they go with a company like AARP or Farmer’s. Geico, State Farm and Allstate all have reasonable rates for hybrid owners, regardless of age. The best thing to do is get multiple quotes from all the major insurance companies and decide what would work best, based on your needs.

Hybrid Insurance Rates

 

Hybrid Insurance Rates