Eighty percent of the roughly 73 million millennials living in the United States have access to a vehicle. 1 With a little simple arithmetic, we can estimate that there are around 58.4 million car-owning millennials. With 48 out of 50 states requiring vehicle insurance by law (the exceptions being New Hampshire and Virginia), it's reasonable to assume that if you're a millennial, you'll be in the market for car insurance at some time. 23

 

Choosing the most appropriate auto insurance may be a difficult undertaking. Not only do various states have varying standards, but the numerous kinds of coverage supplied by insurance companies may also make things more difficult to understand. Apart from that, millennials often pay higher insurance premiums compared to older drivers, with those in their twenties typically paying the highest premiums for vehicle insurance. The numerous kinds of coverage available will be explained in this tutorial, and we'll also show you a few basic tactics that you can use to get the finest vehicle insurance that meets your requirements while still being affordable.

 

 

 

IMPORTANT TAKEAWAYS

 

Insurance coverage for automobiles is required by law in all states with the exception of two (New Hampshire and Virginia).

 

Uninsured or underinsured motorist coverage protects you in the event that you are injured by a hit-and-run driver or by someone who does not have insurance or who has inadequate coverage for your injuries.

 

Collision, bodily injury liability, property damage, and comprehensive coverage are some of the other kinds of insurance available.

 

Depending on whether your vehicle is equipped with current safety features, you may be eligible for lower insurance rates.

 

Review your state's coverage requirements and determine what kind and how much coverage you need depending on the age of your vehicle, your driving habits, and your current financial condition to ensure that you do not overpay for coverage that you will not use.

 

Accidents on the Street and Insurance

 

Over 6.7 million traffic collisions were reported to police in the United States in 2018, according to the National Highway Traffic Safety Administration (the most recent data available).

 

4 To make things worse, these collisions are causing drivers to lose a significant amount of money. Accident claims totaled $3,574.50 on average in 2018. Could you afford to spend that much money out of your own pocket right now?

 

 

 

Accidents may happen even when you have outstanding driving abilities. What happens if an oak tree falls on your vehicle when it is parked? What happens if your hybrid gets involved in a car accident on the highway? An event like this might put you in a position of financial difficulty if you do not have vehicle insurance. You must consider automobile insurance to be worthwhile, so continue reading to learn more about the kind of coverage you need for your vehicle.