Most people would agree that car insurance is a big expense. With so many advertisements everywhere trying to convince you to save money on car insurance, you would think its one of the bigger expenses. However, a study by the US Bureau of Labor Statistics shows that for overall United States consumer expenses, Auto insurance only accounted for 2.19%. This is actually less than less than telephone expenses for most.
We found a great info graphic below from Answer Financial that compares what people spend on different things including how much people spend on public transit in San Francisco, gas in Houston, Housekeeping supplies in Chicago, and meat in Boston. You can also see how much is spent on TV, telephone, and insurance costs in all areas.
Its actually pretty surprising how small of an expenditure auto insurance is compared to other common household expenses. Don’t forget to subscribe to our Insurance Blog for updates!