The words “bargain” and “auto insurance” really should not be used together, specifically when you are shopping around for the lowest insurance rates for hybrid vehicles. To help control this cost, let’s start the ball rolling by going over some situations that impact car insurance premiums, and see if we can help you reduce the cost of the next policy you buy.
The vehicle on the policy is one of the largest considerations when shopping for affordable auto insurance for hybrid vehicles. Vehicles with limited speed and performance, a plethora of safety features, or a track record of few liability claims will cost much less to insure than fast, unsafe models. The information below showcases auto insurance prices for a number of the most economical vehicles to buy coverage for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,051|
|Honda CR-V LX 2WD||$1,060|
|Toyota RAV4 Limited 4WD||$1,243|
|Volkswagen Jetta LE 4-Dr Sedan||$1,253|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,266|
|Ford Explorer Limited AWD||$1,276|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,287|
|Chevrolet Silverado LS Regular Cab 4WD||$1,308|
|Toyota Corolla LE||$1,310|
|Hyundai Elantra GLS 4-Dr Sedan||$1,318|
|Honda Odyssey EX-L W/Navigation||$1,310|
|Ford Edge Sport 2WD||$1,316|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,359|
|Chevrolet Malibu LS||$1,363|
|Chevrolet Equinox LT AWD||$1,372|
|Nissan Altima 2.5 4-Dr Sedan||$1,363|
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Price information does not factor in specific garaging location which can increase or decrease auto insurance rates considerably.
Looking at the data, models like the Ford Escape, Honda CR-V, Toyota Prius, Toyota RAV4, and Volkswagen Jetta are likely to be a few of the more affordable vehicles to insure for hybrids.
For hybrids, one of the more important criteria that help determine auto insurance rates is where your residence is. Larger areas tend to pay more, whereas areas with lower crime rates and fewer weather claims benefit from lower prices.
The next table rates the most expensive places in North Carolina for hybrid vehicles to buy auto insurance in. Durham makes the list at #5 with a yearly cost of $773 for coverage, which is about $64 monthly.
|Rank||City||Premium Per Year|
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Table data uses estimated as the garaging address in Durham can decrease or increase prices significantly.
Do you need full coverage?
Saving money on car insurance is the goal of most drivers, and an effective way to buy cheaper insurance for hybrid vehicles is to not buy comprehensive and collision coverage. The information below shows the difference between auto insurance costs when comparing full coverage to liability only. The price estimates are based on a clean driving record, no claims, $1,000 deductibles, single marital status, and no additional discounts are factored in.
If the expense is averaged for all age categories, physical damage coverage costs $1,401 per year more than insuring for liability only. That amount may make you wonder when is the right time to remove full coverage. There is no definitive guideline to eliminate comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
Discount Durham insurance rates
Auto insurance companies that provide coverage for hybrid vehicles may also give you price discounts that could lower prices by 40% or more if you meet specific eligibility requirements. Large car insurance companies and a partial list of their discounts include:
- Farm Bureau includes discounts for multi-vehicle, multi-policy, youthful driver, safe driver, good student, and driver training.
- State Farm offers discounts for multiple autos, student away at school, good driver, driver’s education, Drive Safe & Save, Steer Clear safe driver discount, and multiple policy.
- Progressive has discounts for continuous coverage, homeowner, online quote discount, multi-vehicle, good student, and online signing.
- Allstate offers discounts including good payer, premier plus, defensive driver, new car, and 55 and retired.
- Nationwide may offer discounts for easy pay, accident-free, good student, business or organization, family plan, anti-theft, and defensive driving.
- MetLife may have discounts that include good student, accident-free, multi-policy, claim-free, and good driver.
The chart below illustrates the difference between insurance costs with and without discounts applied. The data assumes a male driver, no claims or driving violations, North Carolina state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with marriage, anti-theft, multiple vehicle, claim-free, vehicle safety, and multiple policy discounts applied. When discounts are factored in, the average savings per year on car insurance for hybrid vehicles is 28% or $392.
You may be paying too much for car insurance
North Carolina car insurance rates are calculated based on many things that control the price of your policy. Simply improving your credit, buying a different home, or having a fender bender can produce rate changes resulting in some companies being more affordable than the competition.
In addition, companies amend premium rates every year in order to protect their financial rating. Unexpectedly high claims may cause rate increases, while profitable underwriting may cause cheaper Durham car insurance rates.
To help illustrate this point, the bar chart below shows which company has the cheapest car insurance in Durham, NC for a 40-year-old female driver with no accidents or violations, and a high credit rating. If we look at prices based on her current risk factors, Progressive offers the most affordable car insurance rates in Durham at $738 annually. This is $134 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are also included in the cheapest Durham, NC auto insurance companies.
Now we will give the driver in the first chart a couple of claims, poor credit, and a speeding ticket. Since each auto insurer uses their own calculation to set their prices, comparing insurance quotes could now result in a slightly different list of affordable companies as shown below.
State Farm now has the best car insurance rate in Durham with Titan, Auto-Owners, Allied, and Erie completing the list. This shows why it is so important to shop around with many companies to find the most affordable auto insurance quotes for hybrid vehicles.
Car insurance prices can be altered by many things and change dramatically, so the most economical company six months ago may now be costing you a lot of money.
How to find low-cost insurance for hybrid vehicles
The list below shows some of the better penny-pinching suggestions that can help North Carolina drivers quote cheap auto insurance.
- Insure your home and auto with the same company
- Higher deductibles mean lower rates
- Do not pay for comprehensive and collision coverage on older vehicles
- Earn discounts for being claim-free
- Improve your credit rating
- Buy safe vehicles
- Compare prices frequently to find the best deal
The last item on the list is remarkably important, as we pointed out in the prior information. Auto insurance prices can be changed at any time, so drivers shouldn’t be resistant to buy a different policy if you can save money.
Having a favorite company is fine, but is isn’t recommended if your bullheadedness ends up costing you big bucks every year. Take a couple minutes and compare rates and find cheaper car insurance for hybrid vehicles in Durham.
If you aren’t sure which coverage you need and prefer to have professional advice when trying to find lower insurance rates for hybrids, the agents listed below are a good start to answer your questions and help you decide which auto insurance policy fits you best. To locate an agency by location nearest to you, click the link after the list.
- Hix Insurance Center
1533 Glenn School Road, Building C Unit A-14 – Durham, NC 27704 – (919) 220-3031
- Nationwide Insurance Marsh Dawson Agency
821 Hanson Rd – Durham, NC 27713 – (919) 806-5109
- Nationwide Insurance: M A Mansour
1209 University Dr – Durham, NC 27705 – (919) 797-0135
- The Sorgi Insurance Agency
16 Consultant Pl Suite 102 – Durham, NC 27707 – (919) 682-4814