Is Insurance For Hybrid Cars More Expensive?

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About hybrid cars and insurance

The demand for hybrids continues to grow, and as a result, so does the need for hybrid car insurance. Hybrid auto insurance policies are relatively new, just like hybrid vehicles. Coverage that caters to this vehicle type has only been around since the late 1990s when the Toyota Prius and Honda Insight became available.

Today, hybrid cars, including SUVs and trucks, are available in many makes and models. Options for hybrids continue to evolve and change, and most insurers offer car insurance policies.

Key things to know about Hybrid car insurance

Insurance coverage for hybrids is the same as for gas-powered vehicles.
Hybrid car insurance is slightly more expensive than traditional coverage, about 5% more.
The type of hybrid you drive (HEV, PHEV), make, model, and manufacturer will affect how much you pay for insurance.

What is a hybrid car?

A hybrid car combines a gas and an electric motor. They work together to move the vehicle. It uses a system to recapture energy through the braking system. They are not fully electric. The degree to which the vehicle uses gas or electric power will depend on the model. There are three main types of hybrids:

Full hybrids (FHEV)
Mild hybrids (MHEV)
Plug-in hybrids (PHEV)

The type of hybrid you choose could impact your insurance premiums.

How does hybrid car insurance work?

Car insurance for hybrid vehicles works the same as other policies. There is minimal difference in coverage compared to a gas-powered vehicle. Drivers need to have a minimum of $200,000 in third-party liability. Mandatory coverage also includes accident benefits, direct compensation property damage (DCPD) - you can now opt out, and uninsured automobile coverage.

Most people also add optional coverage to increase plan limits. It’s common to add comprehensive or collision coverage. Some insurers may offer coverage for the vehicle battery or charging station. Expect your broker to ask you about your HEV engine type so they can determine potential vehicle risks. Speak with your provider about coverage requirements specifically for hybrids.

Is car insurance for a hybrid car more expensive?

Rates for hybrid cars can be higher compared to other similar vehicles. They are more expensive to cover because they are worth more, are more costly to repair, and have expensive replacement parts, such as battery packs and components. This is also the same for electric car insurance. Generally, hybrid insurance could cost about 5% to 10% more than standard auto insurance.

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2024-11-28

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2024-11-27

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2024-11-15

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How much does it cost to insure a hybrid car?

Drivers can expect to pay slightly more than the provincial average for hybrids. Based on ThinkInsure customer data, the average cost for hybrid car insurance is $2,029 per year or $169 monthly. The type of hybrid model will have a minimal impact on rates:

Hybrid car: $2,104 per year
Hybrid SUV: $2,137 per year
Hybrid truck: $1,847 per year

The cost to insure a hybrid will vary on a variety of factors, such as the make and model, year, MSRP, and average repair costs, in addition to your driving history, coverage needs, and location.

For example, car insurance in Toronto for a hybrid could be different than if you lived in a rural area or small town. A Ford hybrid could change your premiums compared to a Toyota or a Chevy.

At ThinkInsure, we consider all factors to help you find the lowest premium.

What hybrid cars have the lowest insurance rates?

Knowing how HEV insurance differs by model could help you decide which hybrid to choose. Based on our customer data, we’ve identified five of the most affordable hybrid cars for insurance.

Vehicle	Type	Premium	Monthly Payment
Kia Niro	Car	$ 1,518	$ 127
Toyota Prius	Car	$ 1,740	$ 145
Hyundai Tuscon	SUV	$ 1,788	$ 149
Ford Maverick	Truck	$ 1,578	$ 132
Toyota Tundra Hybrid	Truck	$ 1,769	$ 147

* 2024 quote data for drivers with a clean record, G license for standard coverage.

Hybrid car insurance discount

If you drive a hybrid vehicle, you will qualify for a discount. Most insurers refer to it as a green vehicle discount, and you could get up to 10% off your premiums. The amount will vary by insurer, but a 5% discount is typical for hybrids.

In addition to discounts, you could also qualify for tax breaks and rebates from government programs. Check with your city or province to find out about these programs.

Learn more about insurance discounts.

What factors impact insurance costs for hybrid vehicles?

Auto insurance for hybrid cars can be affected by many factors. Here are some of the top things that can have an impact:

MSRP: They cost about 20% more to buy than other cars. The overall vehicle cost will impact premiums.
The technology used: Hybrid vehicles use new and more advanced technology. Often, it’s expensive to maintain and repair.
CLEAR rating: Hybrids have a higher cost of replacement parts. Also, mechanics are required to have specialized training. These factors affect claims costs and CLEAR rating.
Hybrid make and model: Your decision between a plug-in or full hybrid electric vehicle will impact your premiums. The same applies to the manufacturer and vehicle type.

Types of top hybrid cars

There are two main types - Plug-in Hybrid Electric Vehicles (PHEV) and Hybrid Electric Vehicles (HEV). Plug-in hybrids can recharge the battery by plugging it into an electrical power source and driving a few miles before the gas engine turns on. Hybrid electric vehicles use gas and electricity. Energy is generated through the vehicle braking system.

Common PHEV vehicles you can purchase today include:

Chevy Volt
Chrysler Pacifica
Ford Fusion Energi
Mercedes C350e, S550e, GLE550e
BMW 330e, BMW i8
Fiat 500e
Hyundai Sonata
Kia Optima
Toyota Prius

HEV vehicles include the Toyota Prius Hybrid, Honda Civic Hybrid, and the Toyota Camry Hybrid.

If you are shopping for a HEV, check out our blog on the cheapest hybrid cars to buy in Canada.

Hybrid car insurance FAQs

What does the HEV stand for?

HEV stands for hybrid electric vehicle. These are your standard type of hybrid cars. They operate on battery power but mainly use the gas engine for power. There are various HEVs, such as plug-ins and mild and full hybrids.

Do hybrid cars require special insurance?

Hybrids do not require special coverage and follow the same rules for car insurance in Ontario. You must have the minimum amount of coverage to drive, and you can add optional coverage for better protection. You get insurance for your hybrid like other vehicles, from a broker or direct insurer. You can compare auto insurance quotes with ThinkInsure anytime to see if you can find a lower rate or better coverage.

Is electric and hybrid car insurance the same thing?

Yes. Car insurance requirements are the same for electric and hybrid cars. Review your options to ensure you have the right protection in place to meet your unique driving needs.

Can I get battery insurance coverage for EVs and hybrids?

If you have comprehensive insurance, you will be covered for theft and damage to vehicle batteries. Battery malfunctions may not be included as they could be warranty issues. Speak with your insurer to get clarification.

Are insurance claims for hybrids different than standard vehicles?

The car insurance claims process is the same for hybrids as it is for other vehicles. Contact your broker to get claims advice or assistance with starting a claim.

Save on hybrid car insurance

Are you thinking about getting a Hybrid? Already drive one? Looking for ways to pay less on insurance? At ThinkInsure, we can help you find the right policy to meet your driving needs at the cheapest rates.

Hybrid insurance can be slightly different. There are additional considerations, and how insurers determine rates can be unique. We can help you save and get the coverage you need by comparing rates from the top providers. Get started with an online quote, or call us.

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