Insurance.com Finds Average American Pays More Than $84,000 for Car Insurance Over Lifetime

By Insurance.com Posted : 02/07/2011

Foster City, CA (PRWEB) February 7, 2011
The typical American can expect to pay an average of $84,388 over a lifetime for  auto insurance, according to an exclusive analysis of car insurance quotes by Insurance.com.  That average is based on a driver who first purchases car insurance at age 21, marries at age 27, and adds two teen children to the policy between the ages of 46 and 50. The average premium includes drivers with all types of claims, accidents and other driving histories.

One car insurance payment may not look alarming, but the total over the course over a lifetime of driving stings. After all, $84,000 is enough money to purchase a median-priced home in Ocala, Fla. and still have around $2,000 in pocket change left over, according to recent home price statistics from the National Association of Realtors.

Insurance.com compared the lifetime cost of car insurance to the lifetime cost of other common household purchases:

– One pair of sneakers annually: $2,737 for males, $2,597 for females
– Pet insurance for one dog: $4,766
– Trip to Disney World for a family of four: $5,026
– Four years of college: $30,420
– Homeowners insurance: $34,245
–New York City monthly subway pass: $63,012
– A new car every seven years: $150,066

All of the lifetime numbers are in 2011 dollars and are not adjusted for inflation.

“Seeing how the total cost of auto insurance stacks up against other costs can really make you think about ways to trim your insurance bills,” said Chris Kissell, managing editor of Insurance.com.

There are many ways for consumers to lower their lifetime auto insurance costs. The most obvious include comparison shopping for auto insurance quotes, keeping a clean driving record and maintaining good credit.

Drivers may find additional auto insurance savings by:

– Updating insurance coverage if driving fewer miles to work
– Taking a driver safety/defensive driving course
– Looking for auto insurance discounts offered by employers or professional groups
– Dropping collision and comprehensive coverage on older cars
– Getting “pay-as-you-drive” insurance
– Considering insurance costs when purchasing a vehicle
– Bundling insurance coverage

About Insurance.com

Insurance.com provides articles that help consumers understand insurance.  The site makes it easy for consumers to research insurance questions and get fast, free comparison rates from multiple companies. Experts from Insurance.com are available for interviews about car insurance rates and other auto insurance topics.

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Press contact:
Jessica Cultra
479-739-2690
jcultra(at)insurance(dot)com

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