Hybrid cards are taking the fast lane by storm. This rise in hybrid sales might be good for auto companies and the environment, but your auto insurance company does not like it.
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It is currently predicted that auto insurance rates on hybrid cars is about to climb higher than those gas-chucking SUVs. Things like the amount your drive, the expense of replacement parts and service and other factors will all make a difference.
Here are a few reasons for this price increase.
Hybrid Drivers Clock More Distance
Research is showing that hybrid car drivers spend more time behind the wheel. Those miles you’re clocking have an impact on your auto insurance rates. One of the reasons you have to turn in your mileage and model year to your agent is to show your driving profile. The more miles you clock, the more you’re at risk for getting into an accident.
Hybrid owners clock more miles mainly due to how little money comes out of their pockets. It may cost a hybrid owner pocket change to drive to grandmas for Christmas instead of stressing over airfare.
Repair Costs are Substantial
Repairing a hybrid is not a simple task. It now takes specialized mechanics to work on all the technology that runs a hybrid. This cost plays a large role in your auto insurance premiums.
Auto insurance companies are looking at the average cost to repair a hybrid in an accident. Currently, it costs almost $200 more to repair a hybrid that has been in an auto accident. This might seem minor to some, but when you add that up over thousands of insured hybrids the costs get astronomical.
Aftermarket Parts Just Don’t Rock
The hybrid parts market has not come of age either. Hybrids are still relatively new. Scrap yards have yet to acquire large surpluses of parts to help mechanics in the repairs of these vehicles. This tends to lead too much higher repair bills.
These repair bills then are turned into auto insurance companies. These companies tend to frown when a headlight costs a few hundred instead of a few Lincolns. Auto insurance companies will have to recuperate that cost in some form, which does not lead to cheap auto insurance.
No More Life in the Car Pool Lane
The increased number of hybrids also has some states pulling them from the car pool lanes. This might inconvenience drivers in more ways than increasing their drive times to work.
Gridlock traffic tends to lead to more accidents. More accidents means more auto insurance claims. All this adds up to the auto insurance industry wanting to raise those rates to cover the increased flow of repair bills.
It’s All About the Sales
Sales were not that huge when hybrids first started coming onto the market. Sales have rapidly increased over the past decade. While this is a great indicator of how well hybrids are being received, it means the likely hood of having an auto insurance claim come in on a hybrid vehicle is much higher.
There are several cars out on the road that do as well, if not better, than a hybrid car when it comes to miles per gallon. You may have to learn how to pump some diesel fuel instead though. It might be worth the education if it keeps your auto insurance rates lower.
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You may be someone who would choose to own a hybrid regardless of your auto insurance rates, and you might not. Either way, enter your zip code in on this page to get started comparing free auto insurance rates and start saving money!
