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On the same day General Motors returned to the U.S. stock market with the largest initial public offering in the nation's history, the 2011 Chevrolet Volt completed a sweep of three major car design awards.

The gas-electric vehicle's design is an important step forward, experts say. The Volt carries two motors, one of each type. The electric motor is used to propel the car, while the small gasoline engine functions as a generator to improve the Volt's range, which without the help would be limited to 45 or 50 miles. This short distance has long been one of the key barriers to the widespread adoption of all-electric vehicles.

This synergy of electrical and gasoline engines is different from the way traditional hybrids – such as the Toyota Prius – operate. The Prius uses both engines to drive the car, with the electric motor getting the car rolling and moving it at low speeds, while the gasoline engine provides acceleration and highway speed.

It's on the back of this innovation that the Volt won best car of the year honors from both Motortrend and Automobile magazines, as well as, most recently, the Los Angeles Auto Show's Green Car of the Year award.

While the Volt and many other hybrid vehicles are undeniably impressive, their ownership costs remain high. Car insurance rates for hybrid drivers fell after they were adopted in numbers, but have recently increased. Additionally, sticker price can be relatively high for the technologically advanced cars.

That said, fuel costs for hybrids like the Volt and Prius are far below those of traditional cars, which could cancel out the potential auto insurance rate and purchase costs.