In the past couple of years, hybrid cars have gained great momentum because they are exceptionally fuel efficient, meet eco-friendly standards and have great drivability factor when compared to the conventional vehicles.
Car manufacturers have accomplished such feats because of the fact that they were able to use lightweight parts, better batteries and altered the shape of the vehicle as they wanted to. It plays a crucial role in allowing the automobile manufacturers to come up with hybrid vehicles that offer good mileage. However, a recent survey confirmed that even though hybrid car owners have the opportunity to save money they may have to face increased insurance costs which eat up some of their savings. To avoid this situation, car owners must be aware of the insurance quotes that are on offer.
The overall cost of acquiring a vehicle insurance is at least 7% higher than gasoline counterparts of the same models. When users pay $1841 for a Honda Civic gasoline variant, they have to shell out $1817 for the hybrid variant, but it is probably among the least number of vehicles that cost lower. Every other model including the Hyundai Sonata, Subaru XV Crosstrek and Toyota Highlander cost higher than their gasoline counterparts.
The Highlander cars demand the highest insurance quotes. This is because you have to pay $1,686 for the gasoline model while the hybrid insurance will set you back by $1,884. That’s a solid 11.8% increase, but on an average, all hybrid models, be it SUVs, sedans or other types of vehicles, they cost 7% higher than their petrol, diesel counterparts.
According to the study, hybrid cars occur higher insurance costs because they usually cost more in the market. If a vehicle gets damaged or stolen, the company may have to pay extra when compared to a gasoline powered vehicle. They also have to cover repair costs which are much higher for hybrid cars due to expensive spares. The job can be handled only by professionals who have the experience in repairing such vehicles which adds up to the overall cost. From a company’s perspective, the increased premium is completely justified.
However, from a consumer’s perspective, it looks like they may have to pay additional costs which debunks the whole idea of owning a cost efficient vehicle. Besides, they are eco-friendly as they don’t have emission issues. There are specific companies that offer insurance at competitive rates. If you are planning to go for a hybrid, you should consider signing up with these brands in order to keep expenses under control.