Green Vehicle Car Insurance Discount

When you decide to buy a hybrid or electric car, you are probably looking forward to saving a significant amount of money on gasoline. On the flip side, however, you might be wondering “do hybrids cost more to insure?” In addition, you might wonder if your new “green” vehicle will qualify you for a discount on your car insurance.

Have a quick read through the following points relating to green vehicle insurance discounts, as well as additional money-saving tips about green cars.

Can I get a green vehicle car insurance discount?

While electric and hybrid car insurance discounts are available from select companies, it is generally not that common. Farmers and Travelers both offer green vehicle car insurance discounts to their customers, and some local providers may do the same. 

Even if you are not covered by one of these companies, it is still worthwhile to give them a call and inquire about what types of savings may apply to you. If you learn that you cannot save anything through your current policy, you could then arrange to get free Farmers, Travelers, and TD Insurance quotes. It never hurts to get free auto insurance quotes from other companies to see if you could be saving more money.

What defines a vehicle as green?

If you own a hybrid car that can switch between electric and gasoline, a 100% electric vehicle, or one that runs on hydrogen or even solar power, you are officially the owner of a “green” vehicle. While fuel economy in strictly gasoline cars has become a lot better over the years, hybrids and other green cars are still more efficient and environmentally friendly so you can lower your car’s carbon footprint. 

Do hybrids cost more to insure?

Unfortunately, many car insurance companies actually charge higher rates for green vehicles. This is because of the following: Hybrid and electric cars are more specialized, so they tend to cost more to repair than gas-powered vehicles. Not as many mechanics are trained in repairing green vehicles, so the parts and the labor are more expensive than a traditional car. Also, hybrid and electric vehicles typically have a higher price tag than gas-powered cars. Since car insurance rates are calculated based on the value of the vehicle, this will typically result in higher rates for a green car.

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You Can Still Save Money With Your Green Vehicle

While you might not save money on your car insurance when purchasing an environmentally friendly vehicle, there are still definite financial benefits to owning an electric or hybrid car. For instance, the cost to charge up an electric vehicle is much lower than filling your car with gasoline. Hybrid vehicles will still use less fuel than gas-powered vehicles, which will add up to some significant savings. 

Depending on where you live and what you drive, your electric vehicle may qualify you for a tax credit of up to $7,500; call a local accountant or check online to see if this is the case for your area. Also, because green car insurance costs vary so much from one insurer to another, it is worth the time to shop around and compare car insurance quotes and rates from a number of top insurance companies. 

You may find a company that will give you a discount for your electric or hybrid car, or at the very least, you may get a lower quote than you are currently paying for your policy.

A Final Word on Green Vehicle Car Insurance Discounts

Whether or not you qualify for a car insurance discount for your green car, owning this kind of vehicle does have its perks. Your electric or hybrid car will save you significantly at the gas pumps, and as you drive around from Point A to Point B, you can be secure in the knowledge that you are doing your part towards a cleaner environment.

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