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It can be really exciting own a technologically-advanced hybrid, especially when it’s a luxury vehicle. But not all car insurance companies may be excited about that as you are. Regardless, you’re going to need adequate coverage for your Cadillac ELR plug-in hybrid, and of course you’re going to want it at an affordable price. We’ll be happy to help you do that – just keep reading for more information.
The Cadillac ELR was only in production from 2014 until 2016. Because both Cadillac and Chevrolet fall under the General Motors umbrella, the ELR had a lot in common with its cousin, the Chevy Volt. However, more customers were willing to sacrifice brute engine power in favor of the more affordable Volt with a higher fuel economy and lower MSRP. Used models are still available today for drivers who want a hybrid with an MPG similar to that of a Volt but the luxury look and feel of a Cadillac.
There was several things going against the Cadillac ELR from the beginning. Between a whopping $75,000 price tag, inferior fuel economy compared to similar vehicles, and dismal sales of less than 3,000 units, it’s no surprise the Cadillac and GM terminated the model after barely two years of production. These days, you can find a used ELR for around $20,000, which is nearly a $60,000 marked down from its original retail value.
Finding a good deal on Cadillac ELR car insurance may vary even more by location than a regular car would. This is because certain states offer lucrative tax breaks and discounts to drivers who are willing to get this technology off the ground; other states, unfortunately, don’t consider subsidizing hybrid car sales to be a priority. It’s a good idea to do some research and find out what subsidies, if any, are available for hybrid vehicles near you. You may be able to use this as bargaining leverage to get a better price on your auto insurance premium.
Likewise, different insurance companies will have their own set of priorities when it comes to ensuring hybrid vehicles. Many companies out there actually charge higher premiums for hybrid and electric vehicles because the technology is so new and repair/replacement costs for these vehicles can get pretty pricey. Others may be a little more forgiving, especially if they’re getting some sort of green energy subsidy from the government in order to encourage their customers to drive hybrids. But to know for sure, you’re going to have to contact insurance companies directly to figure out what their stances, and how they adjust their rates accordingly.
Regardless of whether your vehicle is gas-powered, hybrid, or electric, your credit score is also going to influence what your insurance company decides to charge. Insurance companies like drivers who they suspect will make all their payments on time, and they like drivers who are responsible with their money in the first place. This makes them feel like you will cost them less money in the long run to ensure, and many of them like to reward their customers with lower premiums as a way of saying thanks.
As we said earlier, shopping around for a good quote among different companies is very important – perhaps even more important given the type of vehicle you are trying to cover. The more specific your insurance needs are, the more you will need to develop a good relationship with your auto insurance agency in order to get the best rate. Let us help you get started by finding you quotes from the best providers in your area. That way, you’ll know who the start talking to – and who to avoid!