No Laughing Matter! Americans Pay more than $84,374 on Auto Insurance Lifetime!

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One would hardly consider the seemingly innocuous act of buying car insurance a major life expense such as buying your wife a car or sending your son to college.

One would hardly consider the seemingly innocuous act of buying car insurance a major life expense but a new analysis by insurance website http://AutoInsuranceMonitor.com indicates that the average American family will spend just over $84,374 on car insurance over a lifetime.

That amount would pay for two bachelor degrees at the University of Florida at Gainesville or two Cadillac SRX SUVs or 28,000 Happy Meals at McDonalds.

The car insurance site came up with that number by adding up premiums for drivers who first purchased a car insurance policy at 21, got married at age 27 and then added two teenaged-drivers to their policy between the ages of 46 and 50.

Additionally, that is using today’s dollar and doesn’t adjust for inflation so future drivers could wind up paying more.

But drivers today could still save by following several tips:

  •     Pay bills on time – Drivers with a high credit rating will pay less for car insurance than those drivers who have less than stellar credit.
  •     Drive safely – Expect premiums to rise after an at-fault accident. Same applies if someone borrows a car and wrecks it since the policy holder will have to file a claim with the insurance carrier.
  •     Bundle coverage – Save money by combining the coverage for a home with the same company that insures a car.
  •     Safety features – Cars with antilock brakes, automatic seatbelts and airbags will qualify for discounts.
  •     Boring versus sports – Luxury and sports cars usually cost more to insure than sedans and minivans.
  •     Tough love – Have a teen driver shoulder the cost of car insurance by paying for the premium through a part-time job.
  •     Good grades mean savings – High marks in school could mean discounts as insurance companies often offer discounts for students that carry a B-average or above.
  •     Community organization – Teens involved in the Girls Scouts or Eagle Scouts may also qualify for discounts.

About AutoInsuranceMonitor.com
AutoInsuranceMonitor.com is comprehensive resource for auto insurance information for consumers, including articles, insurance company reviews, ratings and news. Consumers have ability to write reviews on major auto insurance companies http://autoinsurancemonitor.com/company-directory and have access to free auto insurance quotes http://autoinsurancemonitor.com/get-a-quote

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Rob Mamnya
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