Buying insurance coverage is a big deal for everyone, regardless of age. Over 15% of the driver’s on the road are uninsured at one time or another. Thinking about a few things concerning insurance will make you see how important liability coverage can be.
Furthermore, knowing a little bit about insurance will help you save money, protect your family, preserve wealth, cover outstanding debts and improve financial stability.
There are many insurance myths that get passed around as well. The states that normally have the highest insurance premiums are Michigan, Louisiana, Kentucky, West Virginia and Mississippi. The least expensive insurance premiums are found in Oregon, Alaska, Hawaii, North Carolina and Massachusetts. Consumers should know that the color of the car does not have anything to do with the insurance premium but your credit score can make a huge difference.
Almost 30% of traffic fatalities involve drivers under age 25. People age 16 to 19 years of age have three time as many speeding violations then older drivers. These are two reasons insurance costs more for young people.
Another interesting fact is that the average driver files an auto accident loss every 18 years.