Insurance Breaks for Hybrids?
Go Green, Save Green?
As if there weren’t enough people trying to get next in line for a hybrid vehicle, insurance companies may have just driven their demand even higher. Many car insurance providers are adopting as much as a 10% discount for drivers of hybrid cars. With preliminary research indicating that hybrid drivers tend to fall into the “preferred” category of insurance, they’ll soon be reaping even more benefits. For many drivers, this discount can help save well over a $100 a year. Keep in mind, there is some debate over just how great of a benefit these insurance breaks really are for hybrid vehicles. Since repairs and maintenance for hybrid cars are generally more expensive than those of regular vehicles, insurance premiums are also generally higher. The good news is we’re seeing more and more hybrid cars out there and eventually the cost for parts and repairs will even out. If you’re not completely sold on the insurance breaks offered for hybrid cars, here are some of the other great benefits they provide.
Other Hybrid Benefits
- Of course, the main reason why people invest in a hybrid vehicle is for the great gas mileage they provide. With gas prices at an all time high, we’re all looking for ways to save money and hybrid vehicles provide arguably the best option.
- Are you ever tempted to get into that High Occupancy Vehicle lane by yourself to avoid some of the rush hour traffic? In some states, you actually can enter HOV lanes without another passenger in a hybrid car.
- Tired of circling around the mall or a crowded shopping center in search of a decent parking spot? Many businesses are already designating a few favorable parking spots for hybrid vehicles only.
- Something everyone can appreciate in a new car is a great warranty. Fortunately, many new hybrids come with extensive warranties, most last for 8 years or 80,000 to 100,000 miles.
- As with any new vehicle, the second you drive a hybrid car off the lot it loses a great deal of its value as a used car. However, unlike standard gas vehicles that are only worth about half of their value after five years, hybrids typically retain close to 75% of their value over a five year period.
- Finally, your hybrid vehicle could actually save you some money on taxes. That’s because the government is introducing tax breaks for owners of certain hybrid vehicle models.
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