A higher number of auto insurance polices may be taken out before the year ends, especially as more Americans acquire vehicles.
There were nearly 248 million vehicles on the road during the second quarter of this year, according to a report from Experian Automotive. This was the highest level in operation since the third quarter of 2008. However, the latest figures showed that the average age of a car or truck owned by motorists was close to 11 years old, which was approximately 12 months older than during the second quarter of 2009.
"During the recession, new vehicle sales dropped, causing challenges for aftermarket companies," said Marty Miller, senior manager for Experian Automotive. "However, the recent uptick in new vehicle sales, combined with more aging vehicles on the road, means these challenges will only be in the short term. As these new vehicles begin to age and enter the prime aftermarket repair years, growth opportunities will rebound."
The most popular active vehicle types were full-sized pickups, with had approximately 14.9 percent of the total share during the second quarter, the report explained. The next-highest level were standard midrange vehicles, which reached nearly 12 percent. The third-placed option were small-economy cars, which eclipsed 9 percent.
When examining vehicles on the road by manufacturers, General Motors had the highest level, with more than 26.5 percent, the report noted. Ford was in second, with nearly 19 percent of all cars and trucks on the road, while Toyota and Chrysler rounded out the top four with 12.6 and 12.5 percent, respectively.
More vehicles may hit the road next year
While many cars are being used by motorists at present, it is possible that the median age of vehicles and the total number on the road could improve.
In 2014, there may be as many as 16.4 million new cars sold, according to a report from Edmunds.com. This would be the highest level of transactions since 2006, when 16.5 million units came off the lot.
"The average age of all light vehicles on the road climbed to 11.4 years in 2013, and an aging fleet will continue to force buyers back to the market next year," said Lacey Plache, chief economist for Edmunds.com.
Drivers who are considering buying a new vehicle may also want to pair their purchase with car insurance policies that better fit their financial situations.