Insuring a Hybrid Vehicle in Alberta: What You’ll Want to Know Before Purchasing
Looking for a safe, reliable, and fuel-efficient vehicle? Hybrid vehicles are becoming a popular option. As we push toward a future that focuses on sustainability and environmental conscientiousness, many Albertans are choosing hybrid vehicles as their mode of transportation due to fuel efficiency, increasing availability of vehicles, and growing electric vehicle infrastructure around Canada. With over 45 battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEs) available on the market in Canada, many Albertans are opting to go “green.”
Although you can reduce your carbon footprint — and the amount you’re spending on fuel and maintenance — by purchasing your hybrid vehicle, there are other things to keep in mind that could make or break your decision to purchase your dream car.
Why Go Hybrid?
Many Albertans are choosing hybrid vehicles because they have lower carbon emissions and can be more economical in the long run. Keep in mind that your driving habits and commuting route are important to take into consideration. Electric vehicles, in comparison to their counterparts, are typically more efficient in cities where a lot of stop-and-go traffic is present. Hybrids also tend to be lighter than emission-based vehicles and have regenerative braking, which produces a charge for the battery when decelerating, adding additional savings when travelling. Although you may require less maintenance with a zero-emission vehicle, costs may be higher due to a different service standard required compared to emission-based vehicles.
If you’re looking to compare the difference in fuel cost between your current vehicle and a hybrid vehicle you’re interested in, make sure to use an electric vehicle calculator to see how much you can save based on your annual mileage.
Your Insurance May Increase
If you’re worried that your insurance premiums may increase, make sure to provide a VIN number to your broker or quoter. This information will ensure that any discounts available through providers will be applied to your quote. Providers like Aviva offer a five per cent green vehicle discount just for insuring an electric or hybrid vehicle. The VIN number will also identify whether your zero-emission vehicle is classified as high-value, which can increase your insurance premium due to expensive parts or complicated service standard requirements.
Unable to locate or provide a VIN number to your broker? If that’s the case, make sure to provide the year, make, model, and mileage for an accurate quote on your vehicle insurance.
You Can Save on Your Initial Purchase
Many people don’t know that you can also receive additional tax rebates on your vehicle. In order to encourage Canadians to use zero-emission vehicles, the government provides a list of eligible zero-emission vehicles for purchase or lease. Rebates are based on the type of hybrid vehicle you’re choosing. Under the federal iZEV Program, there are incentives of up to $5,000 for purchasing.
Information for this article was found in the Government of Canada websites, Travelling with an electric vehicle and Zero-emission vehicles, the Electric Vehicle Association of Alberta website for the electric vehicle calculator, and Aviva’s electric vehicle insurance website page.