Hi, I’m Derek Vulcans and I’m with drew Nichols were with LTC tree and we have some long-term auto insurance statistics to go over today. Yeah so we want to talk about some of our favorite statistics so we printed off a couple of them and what we’re looking at is over 163,000 claims so we’re analyzing a pretty big data set and you know they range from the youngest claim was age 27. while all went to 103 so a big universe of claims one thing I noticed I was looking through these statistics was first of all the industries paying out up to 15 million dollars each and every day in claims wow yeah that’s a I guess the industry was started in 1974 so this data goes back to 1974.
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So that’s a lot of money it is yep and that don’t you know all and all the companies put together the largest company in the industry is paying about four million of that just themselves don’t one-fourth of the market. Now one interesting thing from the numbers that are really started to show up in the last ten years was that um there are basically two types of claims you’ve got a big portion of the claims about forty-three percent are for a year or less okay but if you make it beyond a year the claims really stretch out Wow so what are some of the statistics on how long people use these that are pretty common.
Yeah a good statistic that I read recently was for people them for people when they use their policies about ninety-two percent of the time the claims going to last for five years or less and about was about ninety percent of time is three years or less yeah understand people the majority of policies are used for three years or a lot. But if here I guess you’re in the outlier you know we have clients may be there have a family you’ve had Alzheimer’s or some type of dementia or cognitive issue a lot of times they’ll get a little bit longer plans just a hedge against that risk.
But what’s interesting is that if you look at the statistics from the 90s versus the statistics from now the claims are getting longer they are so as time goes on it may be more pertinent to if you are worried maybe look at a five-year plan versus where you may have looked at a three or four years in the past. Yeah that’s got to be modern medicine is but I’ll be keeping people live longer yep know the truth is going to things are diagnosed may be more earlier than they used to you know for we have studied our own customers we studied 3730 clients to see what they had purchased this covered 44 states and we found that the average benefit that people buy is about 160 dollars a day and just a tad over three years like 3.5 years.
A lot of our clients you know they say you know what like any auto insurance online and they buy this and never use it right so you want to hedge the risk of it, yeah you know and looking at the statistics it’s basically that you know without a magic 8-ball there’s no way to know yeah one of the statistics that I read last week was with long-term care there’s really four main settings where people need care it’s a nursing home of course which most are familiar with assisted living facility those are kind of more like them you know apartment type settings where there’s the if you need help you know it’s on the premises but you get your own apartments more independent living adult day care and then of course home health care the wall is interesting in the statistic is they found that about 71 percent of all claims were either home health care or assisted living facility care and a lot of people when they think about this they immediately think nursing homes yet but most don’t use it well and the majority of claims about 75% of claims began at all.
So with these policies there’s an optional rider you can buy where your care is covered from the first day at home and some people may be interested in that it’s a nice benefit but yeah its costs money yeah yeah it’s like anything um but anyway we just want to go over some long-term auto insurance quotes online with you today and we appreciate you taking the time and if you’re reading this auto insurance post please subscribe our website thanks.