High Fuel Costs Benefit Auto Insurers
August 25th, 08The price of crude oil, which has been reaching unprecedented heights throughout 2008, has harmed many businesses in America. However, one type business has benefitted from the high costs of fuel in the US: the automotive insurance provider.
The US Department of Transportation reports that US the amount of miles covered by US drivers during the month of April, 2008 decreased by 1.4 billion, as compared to April 2007. During March of 2008, American motorists covered 4.3% fewer miles, as compared to March of 2007. That percentage represents the biggest annual decrease in miles driven by US motorists since 1942, when the US Department of Transportation started keeping track of this figure in the first place.
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