A new poll from R. L. Polk & Co. revealed that 64% 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% increase.
Travelers is seeing the same trend: Customers are keeping their older vehicles longer. A higher number of older cars on the road increases risk, and underscores the importance of having the proper coverage.
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