You finally did it! You ditched that giant gas guzzler. Now you’re rolling around in a stunning hybrid car. You love it. Gas is no longer such a concern. You can drive around on both gas and electric and save a ton of money at the pump due to the hybrid motor.

But how much are you really saving?

While the gas savings are nice, you quickly realized that going green is more about who you are and your lifestyle than about saving cold hard cash. Hybrid cars are not as economical as you once thought.

Why Are Hybrid Cars Costly?

They sell you on savings at the pump but don’t buy in. Hybrid cars may be better for the environment, but they aren’t going to save you much money. The slight fuel savings will be offset by a few factors, namely:

• Cost of the car
• Cost of vehicle insurance

Hybrid cars generally cost more than a similar gas-only model. You pay for the technological advances. As well, insurance companies tend to charge more for insurance on hybrid cars.

Many insurance companies claim to offer a 5-10% discount for hybrid models. Most insurance companies believe that these cars don’t get as many miles put on them as gas-only models. Less time on the road equals less risk. However, these companies usually end up charging more.

Why is Car Insurance More Expensive For Hybrid Cars?

While there are a few reasons car insurance should be cheaper for hybrid models, many insurance companies charge more. Why? There are four main reasons why car insurance is more expense for hybrid cars:

• Costly Cars

Hybrid cars almost always cost more than a gas-only model. Buyers pay extra for the technological advances, the better gas mileage, and the status that comes with a hybrid car.

As such, insurance companies charge more for expensive cars. The higher priced the car, the more you’ll pay for an insurance policy. That’s just how the insurance world works.

• Service Issues

It’s expensive to service a hybrid car. Hybrid motors have electronic components that require specialized mechanics to fix them. As such, even minor repairs on a hybrid motor can prove costly. This means your insurance company is going to charge you more in car insurance premiums off the bat.

• Pricey Parts

Service isn’t the only expensive aspect of owning a hybrid car. You pay more for parts, too. The cutting-edge technology used in these vehicles isn’t cheap to replace. Damaged batteries in hybrid cars can range from $2,000 to $15,000 – depending on the model. These costly parts lead to pricey claims that you’ll pay for up front in premiums.

• Driving All Day

Initially, most hybrid drivers were looking to go green and add an environmentally conscious choice to their lifestyle. Then individuals who spent a lot of time behind the wheel became interested.

Many full-time drivers love the fuel efficiency found in a hybrid car. These people put a lot of miles on a car. More time on the road equals more risk for insurance companies. So these people increased the rate for all hybrid drivers.

How Much is Vehicle Insurance For Hybrid Cars?

Typically, you’ll pay more for car insurance on a hybrid car than a similar gas-only model. Most people find a 5-7% premium increase when going hybrid. If you’re thinking of buying a hybrid car, make sure to get a variety of quotes and compare options before finding the perfect car insurance for your needs.