So the price of gas is making you seriously consider purchasing a hybrid car next time around. You're not alone. The cost of gas has a lot of Canadians miffed at the pump and reconsidering their next new vehicle.
There is a lot of buzz about how much hybrid vehicles can save you in gas because of their fuel efficiency, but do savings appear elsewhere, like your insurance rate?
What other costs or savings are there with a hybrid?
Sure, hybrids are marketed as an environmentally-friendly way to save you money when it comes to the cost of gas, but what about other costs? Or better yet, savings? The following is a snapshot of the costs or savings you might find when buying a hybrid.
Hybrid auto insurance
After comparing online quotes at Kanetix.ca for the Toyota Camry Hybrid, Ford Escape Hybrid, and the Honda Civic Hybrid it appears there is no one particular trend when it comes to the insurance rates for hybrids. When compared to their gas-powered alter-egos, the cost to insure a hybrid vehicle was neither consistently higher nor lower.
The good news for hybrid drivers is that some Canadian insurers offer an insurance discount for drivers of hybrids. The fact that this discount is available suggests insurers like the drivers of hybrids as a group and believe they are low-risk.
While fuel efficiency is certainly a bonus in your pocketbook, it typically comes at the expense of a slightly more expensive vehicle compared to the non-hybrid version.