Curious about auto insurance? Like automobiles, auto insurance is a relatively new concept but has had a huge impact on society. We’ll cover some of the basic stats and facts but if you have any questions, contact Hall Insurance, serving Panama City Beach, FL and other areas nearby.
The Earliest Known Insurance Plans
The oldest known insurance plan in the world was issued in 1347 in Genoa, modern-day Italy. Of course, cars weren’t being insured, but instead maritime shipments.
America’s First Auto Insurance Plan
The first auto insurance plan was offered by Traveler’s Insurance Company in 1897 to Gilbert J. Loomis and was issued in Dayton, Ohio.
Over 200 Million Americans Have Access to Car Insurance
IBISWorld reports that roughly 215 million Americans are covered by car insurance. This represents the bulk of the American adult population. The auto insurance industry is believed to be worth $300 billion.
Nearly 300 Million Cars Are On The Road
It’s estimated that roughly 290 million cars are on the road in the United States. The average age of a car is about 12 years.
Car Accidents Are Sadly Common
Unfortunately, roughly 6 million car accidents occur each year. Thankfully, many of these accidents won’t result in extensive property damage or serious injuries. “Fender benders” are common. Still, motor vehicle accidents are a leading cause of death in the United States, resulting in more than 35,000 fatalities per year.
New Cars Are Getting More Expensive
As of 2022, a new car costs an average of roughly $48,000. Over the years, many vehicles have gotten bigger and are now packed with more technology than ever before. This has resulted in increasing prices. Used cars have also gotten more expensive over time, costing roughly $30,000, on average, in 2022.
Want to learn more about auto insurance?
Get in touch with Hall Insurance, serving Panama City Beach, FL.