THE COST OF AUTO INSURANCE. HOW CONSUMER CHOICES AND CHARACTERISTICS AFFECT THE PREMIUMS PEOPLE PAY
This study covers 12 states and provides information on about 3.8 million auto insurance policies insuring nearly 5.8 million cars--an average of 1.5 vehicles per policy. These policies involved premiums totaling $1,698,228,990 as of 1978. At the time this study was conducted, the average auto insurance premium was $447 per policy and $294 per vehicle. However, premium size ranged from less than $100 to more than $1,500, depending on the risk characteristics of the cars, the drivers, the locations, and the purchasing decisions made by car owners. About 71 percent of all policies involved annual insurance premiums of less than $501, and 89 percent had premiums of less than $751 a year. Fewer than 5 percent of all policies cost more than $1,000 a year.
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Corporate Authors:
All-Industry Research Advisory Council
1200 Harger Road, Suite 222
Oak Brook, IL United States 60521 - Publication Date: 1980-12
Media Info
- Features: Appendices; Tables;
- Pagination: 52 p.
Subject/Index Terms
- TRT Terms: Automobile insurance; Choice models; Consumers; Costs; Payment
- Subject Areas: Finance; Safety and Human Factors;
Filing Info
- Accession Number: 00391795
- Record Type: Publication
- Source Agency: National Highway Traffic Safety Administration
- Report/Paper Numbers: A80-7 Res Rpt., HS-037 203
- Files: HSL, USDOT
- Created Date: Jan 30 1985 12:00AM