Ever since Hybrid Cars have been introduced into the mainstream market, it is obvious that they are a fantastic combination of a stylish outer shell with an eco-friendly interior which can really assist the driver in saving money on fuel costs. Despite this, there is still some insurance discrepancy between the costs of insuring a normal car versus insuring a hybrid car, with most of the insurance policies causing a higher premium rate for the hybrid model. But why is this the case? Here are some ideas as to why hybrid insurance may be more expensive than you first thought.
As the world becomes more eco-focused, the hybrid/electric car is slowly becoming more commercialised due to its low gas emissions. If you are considering buying a Hybrid car, you may be in for a surprise in regards to its overall cost. Whilst you may think a Hybrid car is expensive, the UK Government is offering grants of up to £3,500 for anyone looking to buy an electric car. Not only that but electric cars are actually exempt from vehicle tax as well as the London Congestion charges. Consider this cost wisely as this may help balance out any expensive quotes in the future.
Special parts equals more costs
Unlike a normal car, a hybrid car is made up of some extremely fancy interior parts, including extra work done to the catalytic converters which can help with managing your emissions on the road. What makes them more difficult to maintain is that each of these interiors are different due to their manufacturer’s different factories and engineering processes.
For insurers, this presents a greater risk if a hybrid is taken away to a garage to be fixed. Your mechanic may not be able to locate the repair immediately, or worse, they may need to send away for a more expensive part. As most of the established garages deal with normal cars on the road, they may not even have the proper knowledge of how to fix the car at all. This presents a higher risk to your insurer as they may need to even pay for a more appropriate garage to take a look at your car. This means the insurance premiums are raised for your vehicle.
Take a look at your car and the special features that have been added to your car to make it appear sleek and sharp. A hybrid car has a reputation for having designs that are similar to a sports car, including a smooth hood, a smaller frame that is lower to the ground and higher gear changes. As a result, an insurance company may classify it as a sports car and take note of all the risks that come along with them, including the speed and the potential for it to go out of control on a flat road. This means your insurance may be raised to compensate for this.
The average cost of a hybrid car can range between $25,000 to $28,000. In comparison to a normal car, this can be quite an extreme price difference and thus may not be the best buy of someone who just wants a car to get them to and from different destinations. As the price of a car does factor into how an insurance premium is calculated overall, the more you paid for your car, the more likely that you are going to have to pay more for the insurance.
A life of crime
A hybrid is sleek, shiny and practically a flame to any criminals that are looking to nab a new ride. If you are not taking care of your car, for instance by putting it away into a garage every night, you may find that your new ride is quickly taken away from you. Car Insurance Quotes do take this into account and see a bigger risk when it comes to insuring the car. Therefore, you may find that the premiums are raised even higher for your car.
How can I find cheap insurance for my hybrid?
We offer hybrid car insurance quotes on our comparison websites to ensure that you get the best deal when it comes to your vehicle. Here are some additional ideas to save you money on your insurance:
- Whilst your car will do most of the work in maintain a decent emission rate, try not to take long journeys that may end up with your car in a risky situation of breaking down. Having a clean history in regards to car accidents can really help you save money on your insurance policies.
- If you are a young driver, whom insurers do consider more at risk and potentially charge more money for insurance, why not look into the Pass Plus Scheme which could knock off around £180 from your insurance policy?
- Pay your insurance annually rather than monthly, as some insurers do provide discounts on receiving a full payment rather than part of it
- Always ensure that your car is safely locked away for the evening in a garage or a safe place to avoid theft or break-ins
What does your insurance cover?
When it comes to insuring your hybrid car, it is essential that you keep in mind what actual things you need to be covered for when driving it. This may not be a problem if you are solely interested in third-party insurance, but if you are looking for protection for your vehicle, as well as your own safety, then you may need more specialist insurance than you originally planned for. As your hybrid car will run on electricity, what sort of insurance would actually cover an accident due to an electric shock? Charging cables and electric wiring failures usually fall under home insurance, thus would your own insurance for the car fall under it as well? Be sure to discuss this with your insurer before you make any decisions. You may even want to consider whether or not your car insurance would come with a leased battery, just in case it stops charging in the future and ultimately damages the car’s wiring.
Insuring a hybrid car can be difficult as it is a unique form of car but keep in mind that the money you spend on the insurance can be made back in different ways. Look at the mileage of the car and how much money you actually spend on fuelling it. It has been estimated that some hybrid drivers save around $2,500 a year in fuel expenses due to the efficiency of the car. So be sure keep those tyres on the road!