Wouldn’t it be so easy if we could tell you the one company that has the most affordable coverage for hybrid vehicles? Unfortunately, it’s just not that easy, as there are a whole slew of unknown factors such as how far you drive each year, how safe your vehicle is, whether you are a man or a woman, and what level of deductibles you need. The content below will cover the best ways to find cheap car insurance and educate you enough to have a good start to your coverage search.
For hybrids, one of the more important factors that determine the cost of insurance is where you choose to live in Detroit. More populated areas will most likely pay more, whereas areas with less congestion have the gratification of cheaper auto insurance rates.
The next table ranks the most expensive cities in Michigan for hybrid vehicles in which to purchase auto insurance. Detroit ranks #1 with an annual premium of $4,862 on average, which is around $405 per month.
|Rank||City||Average Per Year|
|11||St. Clair Shores||$2,736|
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Annual rates are estimated as the specific area where the vehicle is garaged can change insurance rates considerably.
The type of vehicle you are insuring is probably the most important factor when comparing the most affordable coverage for hybrid vehicles. Vehicles with economical engines, good crash test ratings, or a positive history of liability claims will cost quite a bit less to insure than adrenaline junky models.
The list below showcases auto insurance costs for some of the most cost-effective vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$4,131|
|Ford Escape XLT 2WD||$4,736|
|Chevrolet Equinox LT 2WD||$4,893|
|Toyota RAV4 4WD||$4,899|
|Toyota Corolla XLE||$5,147|
|Honda Odyssey EX-L||$5,153|
|Honda CR-V EX-L 2WD||$5,188|
|Jeep Grand Cherokee Limited 2WD||$5,244|
|GMC Sierra SL Crew Cab 2WD||$5,249|
|Ford Explorer Eddie Bauer 2WD||$5,313|
|Ford F-350 XLT Crew Cab 2WD||$5,429|
|Chevrolet Impala LT||$5,609|
|Chevrolet Silverado 3500HD LT Crew Cab Diesel 2WD||$5,682|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$5,706|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$5,715|
|Chevrolet Malibu LT||$5,725|
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Price estimates do not factor in specific location which can modify price quotes significantly.
Based on these rates, we can tell that cars like the Honda Accord, Toyota Prius, Ford Escape, and Chevrolet Equinox will be some of the cheaper vehicles to insure for hybrids.
Do you need full coverage?
Finding cheaper car insurance is the goal of the majority of drivers, and one of the easiest ways to pay lower rates for insurance for hybrid vehicles is to not buy comprehensive and collision coverage. The information below visualizes the comparison of insurance prices with and without physical damage coverage. The prices are based on no claims or driving violations, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
As an overall average, full coverage costs $2,877 per year more than buying just liability insurance. Many drivers will wonder if buying full coverage is a good investment. There is no set guideline of when to drop comp and collision coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then you might consider buying liability only.
For example, let’s say your vehicle’s replacement cost is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after the deductible is paid. If you are paying more than $200 a year for full coverage, then you may want to consider only buying liability coverage.
There are some circumstances where dropping physical damage coverage is not recommended. If you still owe a portion of the original loan, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage.
How violations and accidents impact rates
In a perfect world, the ideal way to obtain the cheapest car insurance prices for hybrids is to be an attentive driver and have a clean driving record. The chart below demonstrates how speeding tickets and at-fault claims raise auto insurance costs for each different age category. The premiums assume a married female driver, full coverage, $100 deductibles, and no discounts are factored in.
In the chart above, the average cost of a car insurance policy per year with no violations or accidents is $3,030. Add in two speeding tickets and the average cost rises to $4,324, an increase of $1,294 each year. Next add two accidents along with the two speeding tickets and the 12-month cost of car insurance for hybrid vehicles increases to an average of $8,914. That’s an increase of $5,884, or $490 per month, just for not driving responsibly!
Low rates can quickly become overpriced
Detroit, MI car insurance rates are impacted by many factors which can substantially change the cost of your policy. Simply turning a year older, buying higher coverage limits, or getting a DUI may cause policy rate changes resulting in some rates now being cheaper than others. Not only that, but insurance companies modify pricing every year or even multiple times each year as an adjustment for underwriting gains or losses. Significantly higher losses can result in a rate increase, while a profitable period may produce more affordable Detroit car insurance rates.
The bar chart below demonstrates which company has the cheapest car insurance in Detroit, MI for a 40-year-old female driver with a clean driving record, no accidents, and a good credit history. When comparing rates based on her current situation, USAA has the lowest car insurance rates in Detroit at $2,279 annually. This is $114 less than the average policy premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and MEEMIC are the rest of the best Detroit, MI auto insurance companies.
Now let’s give the driver from the first rate comparison a couple of claims, bad credit, and a few blemishes on her driving record. Due to the fact that every insurance company uses their own formula to set policy rates, analyzing rate quotes may now result in a different set of affordable Detroit car insurance companies as shown below.
Safeco now has the best car insurance rate in Detroit with GEICO, Pioneer State Mutual, USAA, and Hastings Mutual now being in the top five. This demonstrates why it is important to compare rates when trying to get the most budget-friendly auto insurance rates for hybrid vehicles.
Insurance rates are determined by many different factors and can increase or decrease at any time, so the cheapest option the last time you compared rates may now be an over-priced policy.
The Detroit, MI, insurance agents below can most likely provide answers to your questions and help you determine which car insurance policy is best, as lots of drivers aren’t clear which coverage they need and would like to get some professional input when buying car insurance for hybrid vehicles. It’s not always easy to do it yourself, so insurance agents licensed in the state of Michigan can give you peace of mind knowing you have enough coverage when you need it.
To find a Detroit insurance agent by location nearest to you, click the button at the bottom or click here to compare rates now.
- L.A. Insurance
17516 Livernois Ave – Detroit, MI 48221 – (313) 863-6000
- Michigan SR22 Insurance – Select Insurance Group
Atwater St – Detroit, MI 48226 – (877) 949-7873
- Michigan Basic Property Insurance
3245 E Jefferson Ave – Detroit, MI 48207 – (313) 877-7400
- Advasure Insurance
13600 W 8 Mile Rd C – Detroit, MI 48205 – (313) 521-0300
- L.A. Insurance Agency
15607 Grand River Ave – Detroit, MI 48227 – (313) 835-4000