Pros and cons of a hybrid vehicle
Many people who are conscious of the environment but unwilling to purchase a fully electric vehicle choose the hybrid route. If you’re considering a hybrid vehicle, here are a few of the pros and cons to consider:
| Pros |
Cons |
| You can save on fuel |
Cost of repairs is higher than regular cars |
| Lower carbon footprint |
Replacing the battery can be costly |
| The latest advancements in technology make hybrids easier to operate and drive |
Size options are limited – might not be a good option for a growing family |
Pros and cons of an electric vehicle (EV)
Are you thinking about ditching the gas pump altogether? Here are a few of the pros and cons to think about if you’re considering purchasing an electric vehicle:
| Pros |
Cons |
| No more spending your hard earned money on gas |
More expensive initial cost |
| Zero emissions means your carbon footprint is significantly lower |
There can be a limited range of distance |
| EVs are quieter than regular cars |
You will be dependent on charging stations and their availability |
| Electric cars can require less maintenance than regular cars because they have fewer parts |
It can be hard to find technicians trained in electric car repair |
How hybrid car and EV insurance rates are determined
When insurance companies determine car insurance rates, many different factors are considered. Where you live, your driving history and your claims history are things the insurance company will take into account. Here are a few things the insurance company will consider:
The cost of repairs
This is something insurance companies consider for all types of vehicles. It can be a greater point of consideration for hybrid and EV cars. That’s because the parts can be significantly more to repair.
How you use the vehicle
Your insurance broker will ask how you use your vehicle: is it for pleasure or for work? How often do you drive? How many kilometres is your daily commute? These are all important factors in determining your rate.
How to save on hybrid car and EV insurance
Due to the higher cost of parts and repairs, hybrid and EV vehicles are sometimes more expensive to insure. Don’t let that be a reason to write off electric vehicles completely! Insurance companies consider a lot of different things when they determine your rate. Getting an electric vehicle doesn’t necessarily mean your insurance will go through the roof. Plus, we’ve rounded up a few tips to help you save on your hybrid or electric vehicle insurance:
Different cars have different rates
Some brands of hybrid and electric cars are cheaper to insure than others. Talk to an insurance advisor for advice on what cars have the best rates.
Take advantage of rebates
The Canadian government offers rebates for some electric and hybrid cars. You might be eligible for a rebate of up to $5,000. While this money is separate from your insurance, it might help offset the cost of a slightly higher premium.
Take advantage of “green” discounts
Some insurance companies offer discounts of up to 20% for driving hybrid or electric cars. Talk to an insurance broker to learn which companies offer these types of discounts.
Traditional insurance saving tips also apply
Savings for regular cars such as bundling, using winter tires and using telematics also apply to electric cars. Check out our blog post where we share some easy tips for saving on your insurance premium.
Contact BrokerLink Insurance for your hybrid and electric vehicle needs
At BrokerLink, our licensed insurance experts can help you get the insurance you need at a competitive rate. Even though hybrid and electric cars are relatively new to the market, our insurance advisors have the experience and expertise to assist you. Don’t do it alone! Let a BrokerLink insurance advisor help you get the insurance you need to protect your investment.
It’s easy to get in touch with a BrokerLink insurance advisor:
Get a Quote 1-855-451-8748 Visit a local branch
FAQs on hybrid car insurance
Why is hybrid car and electric vehicle insurance considered a niche product?
Keep in mind that hybrid and electric vehicles are still relatively new to the market. Technology moves faster than insurance companies, so it takes time to catch up. If electric cars continue to grow in popularity, insurance companies might change their stance on electric vehicles being a niche product.
Is there specific car insurance coverage I can buy to protect my hybrid or EV’s car battery?
Depending on the type of car and type of battery you have you may be able to purchase insurance for your battery for an extra fee. Talk to an insurance broker to learn more.
I bought a charging station for my hybrid car/EV – can I insure that too?
Insuring your charging station might fall under your home insurance. Talk to your insurance broker to learn more.
For more FAQs, visit the BrokerLink FAQs page.
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