24 Jun Interesting Insurance Facts
Insurance protection is important for just about everyone to have through several different phases of life. Around 16 percent of the drivers on the road are uninsured at one time or another. Reviewing some of the interesting facts related to insurance underscores the impact this liability service can have in both the short-term and the long-term.
Learning interesting insurance facts can also help consumers save money each year. Having insurance helps protect the family, create an inheritance, cover any outstanding debts or obligations, improve financial stability and reduce stress as well.
Understanding more about insurance also helps consumers dispel some of the common myths that get passed around as well. The five states that typically have the highest insurance premiums are Michigan, Louisiana, Kentucky, West Virginia and Mississippi. The states that usually have the least expensive insurance premiums are Oregon, Alaska, Hawaii, North Carolina and Massachusetts. Consumers should know that the color of the car does not necessarily have an impact on calculating the insurance premium for the year. However, the driver’s credit score does significantly impact the insurance rate for the year.
Around 28 percent of the fatalities on the road involve drivers that are under the age of 25. Drivers that are 16 to 19 years old are three times more likely to commit speeding violations than the average driver. This is the main reason that insurance premiums decrease after drivers turn 25 years old. The average driver files an accident claim with their insurance company every 18 years.
The average loss per claim typically ranges from $3,800 to $4,400, depending on the style and make of the vehicle. It’s also helpful to remember that motorcycles are almost six times more likely to get into a fatal collision on the road in comparison to automobiles. It’s also helpful to remember that driver’s save the most money by shopping around regularly and making lump sum payments when possible.