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Hybrid vehicles can result in lower auto insurance costsPosted On Wed, August 12, 2009
A growing number of drivers are finding that they may be entitled to auto insurance discounts if they own a hybrid vehicle.
A California-based auto insurance company announced this week that it would be offering hybrid upgrade insurance, which allows people who have had vehicles totaled in accidents to opt for hybrids as replacements and insure them at no extra cost.
The company noted that this is a contrast to many other insurers that offer to pay the actual cash value of a vehicle. In another growing trend, the policy also offers coverage for pets who have been injured in accidents.
Since earlier this decade, some insurers have been deciding to offer discounts and incentives for people who choose to invest in hybrids.
This is more than just an attempt to promote eco-friendly driving. A Dow Jones report notes that some recent studies have suggested that while hybrid owners tend to drive more miles and the vehicles can be more expensive to repair, these drivers also tend to cost insurers less in property damage and injury costs.
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