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Hybrid vehicle insurance

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As gas prices rise and our society becomes more environmentally conscious, more drivers are turning to cars that run on alternative methods of power. At this time, a hybrid car is a great choice. A hybrid combines an electric motor with a gasoline powered engine so you use less gas while you’re driving. They help the environment and they can save you money on gas. 

As more hybrid cars are released to the market their sales are also increasing year over year. In the future, it’s anticipated that, due to their demand, hybrid cars will actually become cheaper than gas powered cars. 

But a lot of people have a lot of questions revolving around these types of cars, including: do hybrid cars cost more to insure? And how long do hybrid cars last? 

Whether you want to help save the environment or you want to stay on top of upcoming auto market trends, here’s what you need to know about buying insurance for a hybrid car.  

What is a hybrid car?

Hybrid cars use an internal combustion engine in conjunction with an electric motor. The motor, in turn, uses and stores energy within multiple batteries. Traditional cars only have one battery, which is powered and charged by the car’s alternator. Many hybrid cars have an alternator, but there are also many that don’t. This is because hybrid cars store energy a variety of ways, one of which is by creating and storing electrical energy that is created via braking. 

So hybrid cars use two kinds of electricity to power and move the car: electrical and internal combustion (via gasoline). A standard car uses a battery to start the car, but is propelled into motion through internal combustion. 

Do hybrids cost more to insure?

Are hybrids more expensive to insure? The short answer is yes, hybrid car insurance is more expensive than insurance for regular cars. 

Hybrid cars are more expensive to insure for two reasons: they cost more to make and they are more expensive to purchase compared to standard cars. Get into an accident, and the parts are more expensive to replace, and your mechanic’s time and effort will likely cost more, too. 

All around, a hybrid car is simply more expensive. For example, you might spend $100 to replace a standard car’s battery, but to replace a battery in a hybrid could cost you anywhere from $1,000 to $6,000. However, the good news is that hybrids age better than a standard car, meaning you’ll likely have a longer grace period before the battery needs replacing. 

It may be worth your while to see how much insurance rates for certain hybrid cars are before you commit. As with any investment, you need to consider your total cost before committing. (If you need a crash course on how to buy car insurance, click here.) 

Are hybrid cars worth it?

Are hybrids worth it? It depends. Hybrid cars are good for people who live in urban areas with lower speed limits. At lower speeds it’s quite easy to use only the car’s electric motor (plus the frequent stop and go nature of driving ensures your batteries will stay well charged). Hit the highway a lot, though, and you’ll see less savings in gas. All in all they’re good for people who want to save money on gas and help the environment.

Of course, there are cons to hybrid cars as well. To make it simpler, here’s a quick a list of all the pros and cons of buying and driving a hybrid car:

Pros of hybrid cars

  • Better for the environment
  • Federal tax credits
  • Less money spent on fuel each month
  • Great resale value
  • Encourages safe driving
  • Less need for constant maintenance and tune-ups
  • Low emissions
  • Long lasting

Cons of hybrid cars

  • More expensive
  • Higher cost to insure
  • Lower horsepower
  • Higher cost to repair
  • Not efficient on highways

The takeaway

Hybrid cars are great for some but not for everyone.

If you live in the city, and you have some extra money to put towards a car, a hybrid may very well be an excellent option for you. They last long enough that the fuel savings alone could justify the added expenses (but many people simply do it because it’s better for the planet).

However, if you find yourself on the highway a lot, or you frequently drive in areas with speeds greater than 45 mph, it may not be worth it to spend more for a hybrid.

Lauren Ward

Lauren Ward is a writer for Coverage.com. She specializes in all things personal finance, including insurance, loans, and real estate.

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