This Valentine's Day, get something truly special for the one you really love — A Wash and Wax!
Progressive.com Survey Reveals How Much We Love Our Cars
MAYFIELD VILLAGE, Ohio — February 4, 2002 —Valentine's Day gives everyone an opportunity to express their love for those they hold near and dear to their heart — even if their loved one stays in the garage and weighs a couple of tons.
According to a countrywide survey on progressive.com, the Web site of Progressive Auto Insurance (NYSE: PGR), a whopping 78 percent of respondents say they love their car, 37 percent name it and 63 percent talk to it.
The survey also found that 15 percent of respondents plan on purchasing a gift for their car this Valentine's Day. And, while those taking the survey claim that the car is less important to them than a spouse/significant other, kids, job and house/apartment, if they could afford only one item, they are almost three times more likely to buy a new car stereo (42 percent) and over two times more likely to have their car detailed (34 percent) than they are to buy expensive perfume or cologne for their spouse or significant other (15 percent).
The survey also found that the majority of respondents (71 percent) say they are so protective of their car that they prefer no one else drives it. And, they love their cars so much that it drives 83 percent of respondents to purchase full coverage auto insurance.
"While we're thrilled most people love their cars enough to buy full coverage insurance for it, this love may be blinding us from some money savings opportunities," said Toby Alfred, site manager, progressive.com. "More than half (56 percent) of respondents say that after owning their car for five or more years, they will keep the same insurance coverages they've always had."
Experts like Alfred say that a common rule of thumb is to consult with an insurance agent or the company to consider dropping collision coverage when the collision premium amount equals ten percent of the car's market value. The savings, says Alfred, can be significant. In 1999 (the last year for which data are available), the average six-month collision premium in the US was $249. Collision coverage typically pays for damage to your vehicle caused by overturning or colliding with another car or object, other than an animal.
While 43 percent of the survey respondents consider the four-wheeled object in the garage as a real-life member of the family, 38 percent of them keep a picture of their car and 21 percent of them love their car more than their mothers-in-law, it is nice to know that, given a choice of how to spend a Saturday afternoon, more respondents report opting to spend it with their spouse or significant other than washing and polishing the car.
Progressive Insurance (NYSE: PGR), with headquarters in Mayfield Village, Ohio, is the nation's fourth largest auto insurance company. In business since 1937, the company provides all drivers with competitive rates and 24-hour, in-person and online services. The company sells its products over the phone at 1-800-PROGRESSIVESM, online at progressive.com and through more than 30,000 independent agencies throughout the US. More information can be found at progressive.com.
Toby Alfred is available for interview.
For assistance in setting up an interview, contact our Media Relations Department.
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