Auto insurance deductibles
In the hybrid vehicle market, insurance is an important part of the process. However, getting car insurance for hybrids may feel like a slightly different thing than getting insurance for a regular, gas-powered vehicle. However, the same kinds of insurance that are available for regular cars are also available for hybrids. There are simply different considerations for the driver/owner who wants to make sure that they get the best insurance for their hybrid vehicle.
With a hybrid vehicle, the insurance company must evaluate the value of the vehicle and how to insure it based on the kind of engine that it has. Typically, cars that have hybrid engines must be evaluated on the type of hybrid that it is. A vehicle that has a gas-powered engine and a battery is evaluated differently than a car that has a battery cell and a motor that draws power from the motor. Also, some hybrids have larger engines than others. This means that all of the hybrids vary enough to make the insurance company ask what type of engine they are insuring.
Many hybrids give the user the option to use the battery, the gas-powered engine or both. Because of this, an insurance carrier may ask how the driver typically powers the car. This can help the insurance company to determine the risk associated with the vehicle and how to charge for that in a premium.
Many hybrid cars can get discounted insurance from certain carriers simply because they are hybrids. Looking for the best prices on insurance should involve the driver asking about the kinds of special insurance plans that are designed to help these drivers recover the costs on their vehicles.
Also, hybrid and electric auto insurance can be defined differently if the government has made allowances for certain types of vehicles. There are insurance carriers who will offer discounts to the customer so that they can pay less. Some customers will be able to get tax write-offs on their insurance payments every year based on a government program.
There are some cars that go beyond hybrids and are run entirely on a battery. With these cars, the same types of insurance can be offered to drivers. However, the electric car runs differently than a hybrid, and the insurance company will offer special insurance for these vehicles because they do not have traditional engines.
When looking for insurance for hybrid vehicles in Canada, remember that the Toyota Prius, Nissan Leaf and cars of their ilk are all going to be insurable with special rates from some companies. Owners simply need to be prepared to answer questions about their cars that they have probably never encountered from insurance companies in the past.
Plus, some owners can take advantage of tax breaks to reduce insurance premium costs. Insurance for these vehicles is different, but it can still lead to savings if a driver does proper research.
Let us know your renewal date and we’ll let you know the best time to shop the market for the cheapest car insurance rates.