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AUTO INSURANCE EATS 2 PERCENT OR LESS OF FAMILY INCOME

Americans tend to spend no more than 2 percent of their household income on automobile insurance, no matter what income class they are in, according to the Alliance of American Insurers. Spending for all types of insurance (health, life, homeowner's, and auto) accounted for 5.6 percent of all household spending in 1990, according to the trade association's survey of 26,000 households. Half the households spent less than $750 for auto insurance, and one in 18 spent less than $250.