LOS ANGELES, Aug. 18, 2021 /PRNewswire-PRWeb/ -- Carinsuranceplan.org has launched a new blog post that presents the factors that make car insurance for hybrid vehicles to be more expensive.
For more info and free car insurance quotes online, visit https://carinsuranceplan.org/why-car-insurance-for-hybrid-cars-is-more-expensive/
In recent years, hybrid vehicles have become quite popular. Hybrids can help the planet with lower emissions, grant their owners tax credits, and even enjoy lower maintenance costs. However, in many cases insuring a hybrid is more expensive than insuring a gas-only vehicle. To determine an insurance policy, an insurance company will analyze several factors regarding the policyholder and its vehicle such as the age of the driver, sex, driving history, credit score, whether the driver owns or rents a house, where the driver lives, the type of car that is to be insured, age of the vehicle, yearly mileage, and other factors.
Hybrid cars can cost from $1,000 to $35,000 per year to insure. Usually, the price of insuring a hybrid is 7% higher than the price to insure a gas-only vehicle. The price of insuring a hybrid is affected by the following factors:
- Higher purchasing costs. Hybrid cars tend to cost more than gas-powered, traditional cars. Usually, the price of a hybrid vehicle can range from $20,000 to $45,000.
- Replacement parts for hybrid vehicles are expensive. Hybrid cars have recently become popular, and the aftermarket repair parts are less common than they are for non-hybrid vehicles.
- Quiet vehicles aren't always better. Hybrid cars are known for being quiet. However, this isn't always a positive thing. A recent study run by the National Highway Traffic Safety Administration found that pedestrian and bicyclist crashes were higher for hybrid vehicles. These incidents occurred more often in areas with low-speed limits.
- Hybrid drivers use their vehicles for more. Knowing that they save money on gas, hybrid drivers tend to drive more. More driving means higher insurance costs.
- Hybrids are popular in urban areas. Crowded cities are known for having higher insurance costs due to higher incidence rates. Hybrid drivers who live in rural areas will likely pay less on their insurance than those living in big, crowded cities.
Even though the insurance costs for hybrid cars are still high, the price of their insurance has slowly inched closer toward that of gas-powered vehicles. There are many more hybrid options now than there were 20 years ago. While the costs of insuring a hybrid are still high, benefits such as federal incentives, fuel savings, and lower maintenance costs can outweigh the losses in insurance costs. Also, many insurance companies are all for lower emissions and some have what's called a "green car discount" that can be up to 10% off the hybrid car insurance cost.
For additional info, money-saving tips and free car insurance quotes, visit https://carinsuranceplan.org/
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SOURCE Carinsuranceplan.org
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