April 13, 2008at 11:51 am
· Filed under Auto Insurance
10 trillion dollars for auto insurance
How much do we pay for auto insurance in the USA? Over 10 really 11 trillion dollars. Why so much? Because the US appetite for large SUVs and luxury cars is like a juggernaut that was no sign of ceasing. Look around you and see how many large cars there are. Even with the USA in a recession, its not like a recession in Eastern Europe or the way it use to be in the USA. The US has a cushion of wealth. Therefore, the expensive car market has been growing at a rate of 12 % a year for the last 5 years.
111 words, reading time ~ 27 secs
Continue Reading 10 trillion dollars for auto insurance
Tags: Auto Insurance
April 12, 2008at 5:52 pm
· Filed under Auto Insurance
Why auto insurance is higher is you are single
Auto insurance is higher if you are single not because you are a worst driver than your married peers; rather, your auto insurance is higher because statistically you are more likely to commit auto insurance fraud. This seems unfair, but the nature of auto insurance to statistically uncover the realities of a demographic groups. Therefore if an auto insurance group has a significantly higher payout, whatever the cause, then the result is the group as a whole suffers. Married people are less likely to commit fraud because they have a family to think of and are focusing their cognitive energies on legal ways to make money; as their indifference curve connected to risk is more skewed toward legal endeavors. It might also say something about the type of people who get married, although I have no statistics on it I think they are less likely to commit crimes across the board, including auto insurance fraud.
165 words, reading time ~ 40 secs
Continue Reading Why auto insurance is higher is you are single
Tags: Auto Insurance
