Hybrid customers reluctant to purchase another when returning to market

Posted on: Tuesday, April 10, 2012

While auto insurance leads tend to be loyal to brands of vehicles their familiar with, that's not necessarily the case when it comes to hybrid owners, a new analysis indicates.

According to automotive information and analysis provider Polk, just 35 percent of hybrid vehicle owners opt to buy another hybrid when it's time for them to buy a new car.

Brad Smith, director of the loyalty management practice division at Polk, noted this suggests motorists are considering all their options when it comes to fuel efficiency.

"The repurchase rates of hybrid vehicles are an indication that consumers are continuing to seek alternative solutions to high fuel prices," said Smith.

However, the study did suggest that hybrid owners tend to be brand loyal. For instance, last year, 60 percent of Toyota hybrid owners purchased another vehicle made by Toyota when returning to the market. This tendency was also found among Honda hybrid owners, as 52 percent stuck with the Honda make.

It may be a good idea for insurance agents to inform their customers about the benefits that come with insuring fuel-efficient vehicles, as some insurers offer discounted rates.

Posted In: Insurance News, Marketing & Advertising

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