Save on gas, pay on insurance for hybrids

Save on gas, pay on insurance for hybrids

Nobody enjoys crunching numbers over somebody United Nations agency simply bought AN eco-friendly automotive.

Most consumers rigorously take into account the payback time for the upper sticker value of a hybrid model. however they must look into insurance likewise, particularly as additional demanding mileage standards create all cars way more economical than within the past.

Higher insurance prices may erase a lot of of the potential savings on gas.

CarInsurance.com compared automotive vehicle insurance rates for a range of ancient gas vehicles and their high-mileage counterparts, as well as hybrids, plug in hybrids, diesels and economy-tuned versions of ordinary cars. In each pairing we have a tendency to researched, the fuel-saving model value additional to insure -- in some cases, many hundred greenbacks a year additional.

That may be due to their higher values or to higher costs for repairs after an accident.

While your own rate for each car would be based on where you live, your age, the insurance companies you compare and what your driving record looks like, the relative differences should remain the same. (You can compare rates in your own neighborhood with our average car insurance rates tool.)


Comparison of average rates in California

Buick Lacrosse $1,869
Buick Lacrosse Leather Hybrid $1,984
Chevrolet Cruze LS $1,606
Chevrolet Cruze Eco $1,692
Chevrolet Volt $2,092
Lincoln MKZ $1,856
Lincoln MKZ Hybrid $1,951
Toyota Corolla S $1,703
Toyota Prius $1,663
Toyota Prius Plug-In $1,762
Volkswagen Jetta SE $1,649
Volkswagen Jetta TDI $1,735
Volkswagen Toureg $1,799
Volkswagen Toureg Hybrid $2,088
Some insurance companies, such as Travelers and Geico, offer discounts on hybrids in certain states that could even out some of the difference in costs. The discounts can reach 5 to 10 percent off major coverages of collision, comprehensive and liability. Many states still offer incentives on new purchases, too.

But car insurance is a bill that comes every six months. Even a difference of a few hundred dollars, year after year, could easily outweigh marginal savings on fuel.

Methodology
CarInsurance.com commissioned the data from Quadrant Information Services. Averages are based on a 40-year-old male driver who commutes 12 miles to work, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive insurance. The policy includes uninsured-motorist coverage. Rates were averaged across multiple ZIP codes and six large insurance companies. Average rates are for comparative purposes; your rate will depend on your personal factors.