Some Georgia statistics
The average auto insurance expenditure for 2003 was $758.69 per
year. When compared to the rest of the United States this is
very affordable. Georgia ranks right in the middle as number 25
in the contest for the most expensive car insurance. The number
one position belongs to New Jersey with average expenditures of
almost $1,200 per year. In cities like Detroit and New York the
averages are much higher and range from $3,000 to $5,000.
Although Georgia is considered affordable there are still many
ways to decrease your monthly auto insurance bill.
As any business insurance companies have costs and can only
budge so much on what kind of price they can offer. 65% of the
premium that you pay goes straight to claim payouts. This leaves
only 35% for overhead and profit. Overhead and taxes account for
25% of your premium which leaves 10% profit. (2004 Insurance
Information Institute) 10% profit however leaves plenty of room
for an individual to compare quotes and shop around for a good
deal and find it.
How to pay only for what you need
First and foremost do not insure yourself for damages that you
can afford to pay. Insurance is wisely used only to cover
damages that cannot be paid for out of your own pocket. For
instance compare what higher deductibles would save you compared
paying one in the case of an accident. Think about what your
driving record has been like in the past three years and make a
good guess as to what your record will be like in the future
three years. Is it likely to change?
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