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The Cost of Auto Insurance for Electric or Hybrid Vehicles


Right away when people hear the word "hybrid" when referring to automobiles, they tend to think about vehicles that are environmentally friendly - and they would correct to do so. A standard hybrid vehicle has an energy storage system (also known as RESS) that is built in and is able to be recharged periodically. It also has a fuel propulsion power source. What people are misinformed most about hybrid vehicles is that they do require some sort of petroleum to operate, but use much, much less than modern traditional automobiles.

Hybrid vehicles are thought to be most preferred by more practical people trying to do their part in saving our environment. These hybrid vehicles, as well as electric automobiles, are not just for "tree huggers" with a healthy bank account anymore. Automakers such as Ford, GM, Mazda, Lexus, Toyota, Honda, and Renault are now manufacturing affordable hybrid and electric cars. Now the average person can manage payments on eco-friendly automobiles.

Auto insurance companies that do cover hybrid and electric cars will usually (but not always) give a ten percent discount eco-friendly auto owners. Consumers who are in the market of purchasing hybrid and electric autos are recommended to shop around to try and find an insurance company who will even cover a hybrid or electric vehicle.

Insurance Companies are Concerned about Covering Hybrid and Electric Vehicles

Insurance companies are weary to offer full coverage insurance on hybrid and electric automobiles because they don't fully understand them. Insurance companies feel to replace certain parts that, in fact have engines that actually capture kinetic energy or are hydrogen gas are just too expensive. According to their research there are not enough hybrid and electric vehicles on the road and that it might lead to a financial downfall. But analysts, who specialize in auto manufacturing and in the car industry when it comes to sales, predict that the hybrid automobile alone will rise in sales by fifteen percent just in the United States by the year 2020.

The very few insurance companies that do cover hybrid and electric vehicles are very strict with their guidelines. For instance, some owners may not be qualified to apply for auto insurance on a hybrid or electric vehicle if they have had more than one accident. There are some insurance companies who won't cover an owner of an electric or hybrid vehicle if there are any flaws on a possible customer's driving record.

Electric and Hybrid Automobile Parts

Hybrid and electric automobiles have a very sophisticated powertrain which an average auto mechanic would not know where to begin to repair. The parts for these eco-friendly autos have been known to raise an eyebrow or two when it came to the cost of an electric or hybrid auto part.

These vehicles are proven to release less greenhouse gases that are thought to contribute to the greenhouse effect; warming of this planet's climate because of the tons and tons of carbon dioxide that has been built up. The very complex auto parts that make hybrid and electric cars so complicated to repair will take years of schooling for a hybrid or electric auto mechanic to fully understand its mechanics.

The Costs of Hybrid Auto Insurance

Although rates may be slightly different from one insurer to the next, there are a couple of benefits for purchasing these types of vehicles. The reason some insurance companies dare to offer such low rates to hybrid and electric car owners is because of the statistics studied they have already been categorized as safe, responsible, mature drivers just for purchasing such a remarkable vehicle.

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