Why Hybrid Cars Have High Insurance Premium?

There is lot of questions that comes in mind while purchasing the hybrid cars and one of them is the insurance. Most of the people consider that the insurance paid for the hybrid cars are more expensive when compared to other standard vehicles. According to a research in 2009, Toyota Prius featured the 7th highest insurance premium. There are few rumors about hybrid cars while taking the insurance such as they are known to be less safe than other vehicles because it has been developed with lightweight materials. As per the bumper test conducted by Insurance Institute for Highway Safety in 2008, the hybrid cars cause low-speed parking a lot of collisions. The repair cost was almost the same that occurred in the standard models.
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The hybrid cars are known to be much safer than other vehicles during crashes and most of the hybrid models including Toyota Prius, Mercury Mariner Hybrid, Mazda Tribute Hybrid, etc have received IIHS Top Safety Pick Award. All these models were able to get top points for front as well as side crash tests. These models have electronic stability control that can be helpful to driver for maintaining good control of the vehicle and it is also recognized to reduce injuries during fatal accidents. The insurance premiums paid for these hybrid cars are normally more due to qualities and not due to its unique characteristics. The small cars will have more insurance premium than bigger ones because of its size and the driver’s tendency.
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Another most important point for receiving highest insurance premium for the hybrid cars is they are more expensive and it also features lot of advanced as well as new technologies. The latest components used in these models are not easy to repair as they are very costly. All the hybrid cars are available with electronic components that can be repaired only by a trained mechanic and finding a reliable mechanic shop can be very difficult. Even a small problem in the vehicle can be more expensive to repair. Having a safe-driving and longstanding record can reduce the insurance risks which are very much exclusive to the hybrid models. Most of the hybrids are light-weight and they also have a very low ground clearance that makes the insurance company to charge high premiums.
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The insurance paid for the hybrid cars that have all the sporty features will normally be more and it may become easily affordable when these vehicles are available in large areas. This can also reduce the price of the hybrid models just like other standard vehicles. When the prices of the hybrid cars get reduced, automatically the insurance premiums will also come down. As the latest technologies used in the hybrid cars get exploited into a bigger market, the service and repair cost will easily come down. There are few countries that provide tax credits while purchasing the hybrid cars and this can help in reducing the price of the vehicle. It is important to know the insurance benefits that are available with the hybrid cars while selecting the right model.

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