Automobile.com Compares Cost to Insure Prominent Hybrids
by Andrew Evans | Automobile.com | 9/14/2012
As hybrid sales continue to grow in the U.S. since the beginning of the year, Automobile.com compared the cost to insure three of the most popular models. For the purpose of this study, owner responses of the Toyota Prius, Camry Hybrid and Ford Escape Hybrid were collected in a commissioned survey.
The Toyota Prius line has dominated the hybrid market since being introduced to the public just over a decade ago. The Prius also showed to be the cheapest to insure out of the three at an average cost of $735.43 each year. Investors.com reports Prius sales shot up 110% last month compared to August 2011, selling close to 29,000 vehicles. Some suggest rising gas prices have encouraged this dramatic increase.
The Ford Escape Hybrid followed with an average annual premium of $775.00 and the Toyota Camry Hybrid was the most expensive to insure out of the three models at $891.67. One of the most prominent distinguishing factors between models was the average age. Prius and Escape Hybrid owners reported owning vehicles that were approximately 5 years old on average compared to approximately 4 years old for Camry Hybrid owners. This difference likely contributes to the cost of insurance disparity as newer vehicles often cost more to insure than their older counterparts.
Cutting Fuel Costs, Emissions
As gas prices continue to rise, some industry analysts expect the hybrid sales trend to continue. A survey commissioned by Ford showed more American drivers may be willing to spend more on a fuel efficient model in the future, according to the Detroit Free Press.
Drivers should also consider the cost to insure hybrid vehicles. Using a feature such as the Automobile.com Cost Comparison allows users to compare the amount drivers spend on insuring each model. Some insurers such as Travelers Insurance offer discounts of up to 10% for hybrid vehicles, according to US News Money. Users can compare quotes on hybrids and almost any other vehicle at Automobile.com.
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