Owning a car comes with many advantages. First of all, owning a car allows you to be more in control of your environment. You can avoid being in the path of reckless drivers, and you’ll have a much safer ride than a taxi or a bus. Secondly, owning your own car allows you to make more efficient use of your time. No longer will you have to worry about missing the bus or getting late for work.
Job opportunities created by automobiles
The automobile industry is a major driver of job opportunities. A recent study by the Center for Automotive Research shows that more than one million people are directly employed by the industry in the United States. The auto industry generates over $3.6 billion in annual wages and employment. In Michigan alone, Ford is responsible for 5,000 direct jobs. Vehicle production in the country increased by 48 percent between 1991 and 1999, and reached a record high of 13 million units in 1999.
The automotive industry is experiencing major changes, from the technology that powers vehicles to the methods used to produce them. As a result, new technologies are disrupting many traditional business models. However, this transition will create more jobs than it will displace. In fact, it is estimated that, by 2035, the shift to electric vehicles will create over 2 million jobs.
Cost of owning a car
The cost of owning a car varies dramatically depending on where you live. For example, Michigan drivers pay the highest average car insurance premium in the nation, at $2,611 per year. While the rate in Maine is only $845, the difference is a significant poker online $1,766 annually. These high insurance costs push Michigan into the top five states for the highest total cost of car ownership.
Although new car owners rarely plan ahead, maintenance expenses can quickly add up, resulting in a rash of unexpected costs. The average driver spends about $1,186 per year on maintenance fees, almost $100 a month. These costs account for about 30 percent of the total cost of owning a car.
Liability insurance coverage
Liability insurance coverage is an important part of auto insurance. It protects you in the event of a third-party lawsuit. This coverage pays the other party if you are at fault in an accident, and it can cover your expenses if you or the other driver are injured. It also pays out to other parties if you damage their property or cause serious injuries to them. The insurance company is required to provide you with legal defense if this happens.
Liability insurance coverage benefits of auto insurance vary depending on your state. In general, most states require some amount of liability insurance, while others may require more. You can find out what the minimum liability insurance requirements are in your state by consulting a car insurance guide. Most insurance companies are not willing to sell you coverage less than the required minimums.
Personal vehicle in case of emergency
One of the reasons for owning a personal vehicle is emergency response. Responding to an emergency in a personal vehicle has some unique risks and challenges, such as the fact that a personal vehicle doesn’t look like a fire truck or marked vehicle. It also may not have emergency lights and therefore may confuse motorists. Additionally, responding in a personal vehicle may increase your financial risk because some car insurance policies don’t cover crashes that occur during emergency response.
One study found that one in seven people had used their personal car to transport themselves during an emergency. This statistic was based on a sample of Finnishspeaking residents aged 15 years and older. Despite these risks, personal car usage is generally not associated with increased health and safety.