Americans Keeping Cars Longer

The current economy has many Americans shying away from buying new cars and hanging on to their cars longer than in years past, a new trent that could affect insurance and vehicle safety considerations.

A new poll from R.L. Polk & Co. reeled that 64 percent of consumers said they were "very or extremely likely" to keep their current vehicle longer than they normally would due to economic conditions. Additionally, Polk reported that the average length of ownership of both new and used vehicles increased from a little more than three years in 2002 to nearly four years in 2008, a 24 percent increase.

At least one auto insurer reports seing the same trend of customers keeping their older vehicles longer. Travelers says a higher number of older cars on the road increases risk and underscores the importance of having the proper coverage.

"People tend to think there is a big difference between insuring a new care versus and older one," said William Pearse, vice president of product strategy and design for Travelers. "The fact is, regardless of the age of the vehicle, yolur insurance goals are the same; protect yourself, your family and your assets in teh event of damage to your car, another care or injury to any passengers or others."

Encouragingly, regular maintenance is top of mind with respondents in the Polk survey. Specifically, 81 persent said they planned to take better care of their vehicles to keep it running longer.