Average American Spends More than $80,000 on Car Insurance in Their Lifetime
The average American spends a staggering $84,388 on car insurance in their lifetime.
No, that’s not a typo. That’s your bill, according to the latest analysis of car insurance quotes by Insurance.com. (A written copy of this article can be furnished upon request.)
The company arrived at this figure using the assumption that people buy their first car at 21, get married at 27, and then add two teen children to their auto insurance policy between the ages of 46 and 50.
The real rise in insurance rates happens when teen drivers hit the road, as we all know the cost of teen car insurance can be astronomical.
This has to do with how insurance rates are determined, as those with little experience and a tendency to drive erratically pay the price in extra insurance premium.
This figure also takes into account a variety of drivers with all types of insurance claims and driving records.
The good news, I guess, is that you may pay substantially less than this if you are a good driver and force your 2.5 kids to pay for their own insurance.
And be sure to ask about every available discount, such as the good driver discount, the good student discount, and the multiple policy discount!