A typical American will spend enough on car insurance to buy a Porsche 911 Carrera during their lifetime, according to a study released by Insurance.com.
The website said the average U.S. driver will spend $84,388 insuring their car during their lifetime. That’s enough to buy a the $78,750 911, with enough left over to pick a few of Porsche’s pricey options.
Insurance.com based its analysis on quotes for drivers who first purchased insurance at age 21, married at 27, briefly insured two teens and stopped driving at age 75. The average premium includes drivers with all types of claims, accidents and other driving histories.
So, how does that compare to buying the car itself? The site said the cost of buying a new car every 7 years between the ages of 22 and 75 would be about $150,065, or a little less than double the cost of the insurance.
All of the costs are in 2011 dollars and are not adjusted for inflation.
Or maybe car insurance would be a little cheaper if the insurance companies stopped inundating the airwaves with promises of savings of (insert your favorite percentage here) percent.