Economic Implications of the Death of Auto Insurance

• An estimated 1.2 million bill collectors, trial attorneys and lobbyists will be unemployed.

• States will lose $8 billion in premium taxes and even more in corporate taxes but save enough overtime pay for highway patrols to make this a wash.

• About half of the nation’s 40,000 body shops are expected to close, with the remaining shops moving into manicures and pedicures to make up lost revenue.

• Beloved TV ad icons the perky clerk, the simple-minded caveman and the folksy professor are earning a lot less in their news jobs as an actual clerk, caveman and a professor.

• Cleveland (Progressive), Seattle (Safeco) and Cincinnati (Great American) baseball stadiums have been shuttered.

• The highly-successful Mothers Against Drunk Driving (MADD) franchises will close their doors.

Topics Auto