Archive for the ‘Insurance’ Category
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In 2000, estimates in the US of the cost of motor vehicle collisions is US$230 Billion. Considering that the population of the US then was only 281 Million, this produces an average cost of close to US$820 per person. This is not a small amount for the average person. This is almost a month’s wages for the minimum wage earner of US$5 per hour on a 40 hour work week. Note also that the highest percentage of car ownership is only 55.7% or about 56 in every 100 people in New York City. Thus, the US$820 should only apply to these people. This increases the average cost to US$820 / 55.7% or about US$1,500 per car owner.
Thus, with these costs so prohibitively high, people without car insurance, in any form, should consider having one regardless of how safe a driver the person is. After all, accidents can happen. Thus, even a cheap car insurance can at least help shoulder the cost of repair.
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