The question is being raised more and more. Can I get better auto insurance rates on hybrid and EV cars and trucks? Well. No. Right now it is still more expensive to insure a hybrid than their gasoline brethren, although one or two models have broken through the ceiling. Still, the variations in premiums can be startling.
Take the Toyota Highlander SUV AWD. You go for that one and you’re going to spend $348 more for the insurance than with the gas model. So, what’s up with that? Well, according to a spokesman for the Insurance Institute for Highway Safety, Russ Rader, the insurers are still looking heavily at repair costs.
“Data on insurance claims show that hybrid versions of vehicles typically have higher insurance losses for collision when compared to their gasoline-only counterparts,” said Rader.
What’s the most expensive hybrid on the road to insure? The BMW 750i sedan with an average annual premium of $3,281. I somehow doubt you’re going to save enough on gasoline to make up for that. Of course, if you can afford the BMW in the first place, it may not matter.
The least expensive hybrid to insure? The Mazda tribute at an average annual premium of $1,212, which is actually less than its gas counterpart at $1,163.
So, basically the story says the same on this one. This is an evolving genre of automobile and insurance coverage is evolving with it. Unfortunately, judging from these figures, the insurance evolution is much, much slower.