Insurance

Hybrid Vehicle Insurance

Outline of car

Thinking of buying a hybrid? So are a lot of other folks.

In fact, a large number of people are looking online to find out how much they would be paying in insurance by purchasing a hybrid vehicle. Data compiled through CAA's Online Auto Quote Engine reveals that the number of people requesting quotes on hybrid vehicles has risen dramatically.

The top 5 most popular hybrid cars as indicated by the online auto insurance quotes provided by CAA are as follows:

  1. Toyota Prius 5 DR
  2. Honda Civic Hybrid 2 DR
  3. Toyota Camry Hybrid 4 DR
  4. Ford Escape Hybrid 4 DR
  5. Honda Insight 2 DR

Even if you're only just considering the purchase of one of these vehicles, it pays to find out your insurance rates in advance.

Insurance Rates for Hybrids

One of the largest concerns for both consumers and auto insurers with the initial launch of hybrid vehicles in the late 1990s was the anticipated high cost of repair. Just as a high-end luxury car costs more to repair than a mid-range hatchback, so too did a technologically-advanced hybrid vehicle cost more to repair than a standard gas-only automobile.

Though these repair costs may continue to decrease as a greater number of hybrid vehicles take to the road, hybrid vehicles are simply comprised of more advanced technology than their gas-powered brethren. If a hybrid SUV and a gasoline-powered SUV were to be involved in an identical, high-impact collision, both would need to have similar work done to repair the gasoline-powered engines they contain. However, a hybrid vehicle may also need to have additional work done to repair the hybrid-specific components.

As the hybrid market in Canada is still relatively small, it is not yet known whether hybrid drivers are less likely to be involved in accidents than drivers of non-hybrid vehicles, though preliminary research in California (which has a much larger hybrid driver population) does seem to indicate that this may be the case. As the use of hybrid vehicles in Canada continues to increase, auto insurers will be sure to pay close attention to the accident rates for hybrid vs. non-hybrid vehicles in order to determine whether hybrid drivers are truly safer drivers.