New research released from Enterprise reveals that – even in today’s ever-connected world with its growing array of transportation options – the car remains king. In fact, when faced with the prospect of losing access to a vehicle for an extended time, millennial drivers, in particular, say they would rather go without social media for a week (50%), lose an extra hour of sleep each day (41%) and skip one meal a day (39%).
“Many drivers might not know it, but if they’re involved in one of the millions of auto accidents per year and their car needs to be repaired, the average repair time is two weeks. What would you do without access to a vehicle for two weeks, and how would it make you feel? That’s a question we wanted to explore as a way to shed light on the importance of rental car reimbursement coverage – insurance coverage that pays for the cost of a rental when your car is in the shop,” said Mary Mahoney, vice president North American insurance replacement division for Enterprise. “It turns out that drivers would go to great extremes to maintain access to a vehicle. But there’s a simple action they can take today to eliminate that risk. They can call their insurance agent to make sure they’re covered for rental car reimbursement.”
In fact, the research reinforces the need for most U.S. drivers to do just that. Only 32 percent indicated that they are “very confident” that they are aware of everything in their auto insurance policies, and fewer than four in 10 say they are familiar with the term “rental reimbursement coverage.” In addition, more than half of U.S. drivers (53%) say they do not read their entire policy before purchasing auto insurance. In the case of rental car reimbursement coverage, this can prove particularly problematic, because it’s typically an add-on feature not included in most standard policies.
Among millennials, one of the biggest barriers to obtaining rental car reimbursement coverage may be the fact that they view it as an “adulting” activity. And when it comes to adulting, nearly two out of three millennials say they procrastinate as often as possible. Additionally, a third (32%) of millennials say that adulting makes them feel exhausted.
Actor Jaleel White, best known for his role as the nerdy, inventive, next-door-neighbor on a popular family-friendly 90’s sitcom, knows a thing or two about “adulting”. He’s partnered with Enterprise to encourage people everywhere to avoid some common traps associated with growing up.
“In my younger days, I certainly had my fair share of ‘Did I do that?’ moments,” said White. “But as I’ve grown up, become a father and taken on more responsibilities, I’ve learned a few simple things that I think can help everyone, no matter what stage of adulthood they’re in.”
White’s tips include:
- Reward yourself, but don’t waste your money. I like a good cup of coffee as much as the next guy, but you don’t need to spend $5 every day by going to the barista down the street. Make a home brew and use the money you save to help pay down debt. And when you save up enough, it’s OK to reward yourself…just don’t go crazy.
- Got enough dough? Money that is! I’ve been saving for retirement since I was a kid. Now that I’m a father, I prioritize saving even more to make sure my daughter will always have everything she needs.
- Never be without wheels. Statistics show that one in eight drivers has an accident each year. Living in Los Angeles, I can’t be without transportation if my car goes into the shop after an accident…and I’m sure most people feel that way no matter what city they live in. My adulting tip: call your insurance agent to make sure you are covered for rental car reimbursement.
- Live healthy to be happy and live happy to be healthy. Our health is so important, and one of the easiest ways to relieve stress and live a healthier life is to be happy. That’s why I love being an actor. I get to bring laughter and joy to people’s lives. Figure out what makes you happy…your body will thank you for it.
- You are never too old to phone home. I take the time to talk to my parents as much as I can…and I hope my daughter will do the same with me when she is grown.
Other noteworthy findings from the Enterprise survey include:
What to do without a car
- More than half of millennials (52%) admit that if they lost access to their vehicle for an extended period of time, they’d be forced to beg their friends and family members for rides.
Why access to a car is important
- Nearly half (49%) of millennials say the ability to drive to work is the thing they value most about having access to a vehicle.
- More than one-third (34%) of U.S. drivers say they drive an average of 3-4 places per day.
Feelings about driving someone else’s vehicle
- When asked how they would feel if they had to borrow a friend or family member’s car for an extended period of time, top responses among U.S. drivers were: “awkward” (51%) and “anxious” (35%).
- Men (12%) were nearly twice as likely as women (7%) to indicate that driving a friend or family member’s car over an extended period of time would make them “angry”.
- Women (39%) were significantly more likely than men (28%) to indicate that driving a friend or family member’s car would make them “anxious”.
- Anxiety associated with borrowing a friend or family member’s car over an extended period of time also decreased with age – 45 percent of those ages 21-34 indicated they’d be anxious, compared to 30 percent of those ages 45-54.