Sources from the auto insurance industry say that American motorists can get substantial discounts on their policies by buying hybrid vehicles. Car experts say that often providers slash premiums on these cars in unified efforts to promote more economical vehicles. In recent years, federal and state governments have also given tax credits and rebates in a bid to boost sales of eco-friendly cars.
Aside from tax and discount incentives, owning hybrid vehicles generally leads to lower than average premiums. The answer, many experts say, lie with statistics. According to sales figures and demographic studies conducted by insurance providers and independent researchers, the average hybrid vehicle owner is middle-aged, female, and financially stable. Coincidently, these are the same qualities that insurers look for in the perfect policyholder.
Some analysts conclude that owning a hybrid car may actually have less to do with lower premiums than having the perfect qualities of a model insurance client. However, industry sources believe that the common perception of a hybrid car owner being a middle-aged cautious driver can work to the advantage of policyholders. Because providers would often rely heavily on the findings of studies, owning a hybrid vehicle can be a ticket out of hefty premiums. Motorists can actually demand for lower rates just because they drive hybrid cars.
Research also suggests that women are safer drivers than men. The strong association of female motorists preferring smaller, savvy eco-vehicles can mean that female policyholders can still ask for more discounts, especially if they have clean driving records.
Another fact that contributes largely to the regular discounts given to hybrid car owners is the general location and driving habits of most eco-vehicle drivers. Studies have also found that most of the people who drive hybrid vehicles live in the country, making them less at risk to get into accidents. Motorists who live in sprawling cities often have to contend with hot-headed drivers, fender benders, and dashboard-pounding traffic jams, to mention a few.
The jump in the number of hybrid cars sold is even attributed to their relatively cheaper premium rates. For Americans planning to buy eco-friendly vehicles in the near future, there is a huge possibility of getting substantial discounts on insurance rates. Experts warn, though, that more hybrids on the road can force insurers to scale back their policies of giving out discounts to car owners.
The prices of hybrids are also expected to go down in the coming months as car manufacturers announced their new line-up of economical and earth-friendly vehicles.
