36 fun and interesting facts about car insurance

Wednesday, August 29, 2012

How many times have you been at a dinner party or event and needed a conversation starter to break the ice?  I understand your plight. Auto insurance has been in existence for over 100 years! I’ve scoured databases, books, and other sources to find some of the most interesting facts about car insurance today. Take a look at some of these interesting facts for yourself:

  1. The Toyota Sienna Minivan has one of the lowest yearly premiums compared to all other cars.
  2. The Honda Fit EV will add free collision insurance to the entire lease period.
  3. The type of car you drive affects the way that you drive and your premiums.
  4. Buying a new car will definitely increase your insurance premiums.
  5. Individual US states like Connecticut have larger insurance markets than entire countries such as Brazil and Sweden.
  6. Travelers Insurance wrote the first car insurance liability policy in 1897.
  7. The internet allowed for premiums to decrease dramatically due to the ease of comparing quotes.
  8. Married drivers have less accidents and therefore get the married discount due to lower risk.
  9. Car insurance premiums used to be priced evenly, then they began assessing risk which lowered premiums for good drivers.
  10. There are insurance policies focused for female only drivers. They offer roadside assistance, coverage for stolen purses left in the vehicle, and other perks.
  11. Credit rating can affect your premiums as much as a past ticket or accident.
  12. Your driving record can predict how long you will live.  Research shows people with no tickets or accidents live longer on average regardless of the type of death.
  13. In an accident the registered owner of the car is the responsible party not necessarily the driver.  So be sure to transfer you ownership titles immediately upon selling your vehicle.
  14. Although drivers under 25 have a higher risk and require higher premiums, not all insurance companies will drop rates just because someone turned 25.
  15. Paying month to month will increase your premium because you are viewed as a higher risk.
  16. Picking a lower deductible will also increase your premium due to risk.
  17. Your occupation affects your liability risk rating. If you are an engineer, you may get the best rate.
  18. The state of California has the most auto thefts. Where you live greatly affects your premiums.
  19. Many people receive negative credit reports against them for failing to cancel a policy when switching carriers.
  20. Shopping around often is not the best option if you have poor credit, you would do better establishing a good payment history with your current carrier.
  21. Half of your insurance premium goes toward administrative expenses not claims.
  22. If you live in a “no fault” state, you will pay higher premiums for personal injury because of fraud.
  23. Two door vehicles have the most collision claims.
  24. The District of Columbia pays the highest expenditures on auto insurance.
  25. North Dakota pays the lowest expenditures for auto insurance.
  26. State Farm is the largest policy writer for auto insurance.
  27. 22% of all auto insurance policies are written for high risk drivers.
  28. Texas has the highest average for Hail storms, costing 924 million dollars per year.
  29. Although the percentage of injuries from auto accidents rose 1.2 % in the last year, traffic fatalities have steadily declined.
  30. The district of Columbia has had the greatest increase in traffic fatalities in the last two years.
  31. In fatal crashes, failing to stay in designated lane or running off the road caused the most deaths.
  32. Rear end crashes are the most prevalent of auto accident.
  33. Studies are showing that texting bans are not reducing accident rates in states with the laws.
  34. The leading cause of death for ages 15 to 20 is motor vehicle collisions.
  35. Mississippi has the highest rate of uninsured motorist.
  36. 21 states have mandatory coverage for uninsured motorist.

You are now armed with 36 different conversation starters for those awkward break-the-ice moments at events. Use them wisely, you never know when they’ll come in handy for your cheap insurance policy.

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