Companies consider model, safety, price and popularity while calculating quotes. And some offer eco friendly hybrid auto insurance discount. They are a bit different in several ways than the ones with totally petrol-operated engines. People hear that premiums may be costlier for these vehicles and it may puzzle a few interested in them because they wonder why would that be the case since they are not sports cars with big engines or doesn’t appear to be perilous in any other way.
There could be many reasons why insuring one type of car can be more expensive than the similar ones in the range. So, let’s have a look at the way they are perceived and why might that be.
Higher Price Tag: Hybrid automobiles are more expensive to buy compared to typical standard models of same types. This would mean that Comprehensive and Collision coverage would have higher total loss value. This could slightly increase insurance prices.
Expensive Parts: A typical popular automobile would have plenty parts available at reasonable prices when you need to repair it. On the other hand, hybrid parts are costlier due to special requirements of the engine. Plus, these are not as popular and therefore they don’t have parts readily available. When they are regularly used and sold in mass numbers this would reduce the price because of mass production. Unfortunately, this is not the case for many of these vehicles and this pushes up repair and insurance expenses as a consequence. However, several models are getting more and more popular and this generalization may not be applicable to them.
Usage: Hybrid cars are popular among drivers who do high mileages because they are more economical to run. Some studies suggest that they are driven around 25% more in comparison with similar petrol cars. This type of statistical information can alert automobile insurers to charge more. The longer they stay on the road the higher the risks of getting involved in an accident.
Other Issues: Companies may have other problems with some of the models. They may cause more accidents because they operate much quieter than a typical auto. Pedestrians may not notice them coming and this would result in more incidents. Sometimes technology can backfire by producing something too good for our own good. It is surprising to note such problems when it seems a good thing to have quieter automobiles. Some manufacturers add artificial noise to overcome this particular issue.
On the other hand, there are handfuls of companies that offer lower rates because they are environmentally friendly. However, their rates may already be higher than most others that even these discounts may not be enough to make them competitive enough. The best thing for owners is to shop around a little and see who would offer them good hybrid car insurance rates.
Unfortunately, there are too many factors involved in the equation, including types of automobiles in question, their safety records, prices and popularity. That is why it isn’t easy to give a clear-cut response as to how costly premiums would be. However, you can quickly find out by getting a few quotes and comparing it with how much you used to pay for your old petrol car.