From mini vans, compact 2-seaters and hatchbacks, to sedans and 8-seater SUVs, green vehicles are now available in a wide range of makes and models. Whether you prefer electric cars or hybrids, both types offer a number of compelling characteristics, including, environment-friendliness, smaller, fuel-efficient engines, lightweight bodies, sleek designs and attractive resale values. Insurance services in Alberta for green vehicles are also surprisingly affordable.
While green vehicles may have a higher upfront investment, if you can get over the initial sticker shock, the long term benefits and lower maintenance costs of hybrid plug-ins far supersede traditional, gas-powered vehicles. In Canada, green cars made an entrance around a decade ago, but they have come into a reasonable and affordable price range only recently. While the incentives and rebates offered by each province may be different, they have certainly boosted the popularity of hybrids throughout the country.
If you are looking to invest in an electric or hybrid car, you do want to understand and compare all aspects to ensure that your eco-friendly vehicle does not make an unexpected hole in your wallet. The skilled and experienced brokers at TSG Insurance Company throw light on the typical norms that may impact the insurance for your hybrid vehicles in Alberta.
Learn How Hybrid or Electric Cars Influence Your Vehicle Insurance
Many people mistakenly assume that the very advantages of green cars become disadvantages when it comes to insuring these vehicles. For example, their state-of-the-art technology and complex electronic components may require specialist skills and higher costs for maintenance and repairs. However, that does not necessarily mean that insuring a hybrid vehicle is more expensive than insuring a traditional one. There are a number of factors that companies take into account while calculating your coverages and policy details. Broadly, your premiums are based on:
- Your age, driving history and location
- Additional coverage limits that you select
- Purpose for which you use the vehicle and average annual usage
- Make and model of the vehicle, along with features such as safety, fuel efficiency and resale value, amongst others.
- Typical repairs, cost of parts and total replacement cost for that make and model
- How your vehicle ranks on the “most stolen cars” list
In addition to these factors, insurers also rely on statistics that are gathered over time, including:
- Frequency of accidents and claims
- Severity of injuries
- Average costs of repairs
At present, the limited statistics that insurers have on-hand, indicate that there is no significant difference in the frequency or cost of claims between green cars and traditional vehicles. Despite this, the premiums charged for hybrids or electric cars may vary significantly across providers and provinces.
Competitive Auto Insurance through Your Trusted Alberta Broker
In Alberta, there are no specific point of sale incentives or rebates through the provincial government or bodies such as CAA for purchasing an electric or hybrid car. However, certain insurance companies do offer discounts and credits for green vehicles.
While you sport your shiny new electric or hybrid ride, you don’t have to worry about spending hours evaluating multiple vendors or shopping for the best policy. Get the most competitive auto insurance in and around Calgary, Medicine Hat and Brooks through your trusted brokers at TSG Insurance Company. Our team understands the unique needs of green car owners, including adequate coverage for the driver, the vehicle and its charging equipment. Moreover, we partner with hundreds of established insurance companies to bring you the most comprehensive policies to match your requirements and budget.
Whether you have finalized your new eco-friendly car, or you are simply curious to know how hybrid vehicles stack up against your current ride and insurance rates, let our licensed professionals shop on your behalf, or respond to your queries.
To book an appointment, call us toll-free at 800-830-9423. For free insurance quotes in Alberta, contact us online, and we will respond as quickly as possible.