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Do You Still Have 1977’s Car Insurance?

In 1977, Star Wars is big and the King, Elvis Presley, dies at just 42. Jimmy Carter is elected, and the TV Mini Series "Roots" is aired. NASA is now testing the new “space shuttle.” Voyager I and Voyager II are launched, the Concorde ascends and the MRI scanner debuts. “Saturday Night Fever” with John Travolta premieres, featuring disco songs by the Bee Gees. “Rocky,” “Smokey and the Bandit,” “A Star Is Born,” and “Close Encounters of the Third Kind “are all popular at the box office. Kids are circling ads in thick Christmas catalogs for Star Wars toys, Mattel football game, Stretch Armstrong, Nerf balls and Micronauts.

1977 Television features shows including: “Little House on the Prairie,” “Happy Days,” “All in the Family,” “Charlie's Angels,” “Sanford and Son,” “Rhoda,” “Barney Miller,” “Three's Company” and “The Love Boat.” In 1977, the Average Cost of new house is $49,300.00 and the Average Income per year is just $15,000.00. Total medical care per year averages $777.00 and Average Monthly Rent is $240.00, while cost of a gallon of gas is merely 65 cents!

The Ford Pinto retails for $2,895 in 1977. Many cars are under $3,990 including the Chevrolet Chevette and Nova, Chrysler Volaré, Datsun 210, Dodge Aspen and Coronet, Ford Mustang II, Oldsmobile Starfire GT, and the Toyota Corolla.

For under $5,990 you can buy a new 1977 Ford LTD, Mercury Marquis, MG Roadster, Oldsmobile Cutlass, Pontiac Grand Prix, Plymouth Horizon Fastback, Subaru Brat, or a sporty Triumph TR7. And for under $8,500 you can purchase a sparkling 1977 Buick Electra 225, Chevrolet Camaro Z28, Chrysler New Yorker, GMC Jimmy, or an Oldsmobile Delta 88. Luxury automobiles like the 1977 Cadillac De Ville, retail for $11,721. The sporty Chevrolet Corvette was around $12,313.

At this time, in 1977, Minimum limits in Tennessee Auto Insurance were adopted. They were set at $25,000 per person. Based on inflation alone, $25,000 now would be well over $103,000. But both cars and health care, have soared in real costs.

Consider that, in 1977, Minimum liability limits of $25,000 represented:

  • Twice the cost of a new Corvette;
  • Over 32 times the average annual health care bills!

To match those ratios in current prices:

  • A new Corvette ($56,000) doubled would be $112,000;
    32x the current health care cost per year would be a whopping $352,000!
  • Are you SURE you want to stay at 1977 minimum limits of just $25,000?

Mr. Peel seeks justice for those injured in tractor trailer and car accidents, medical malpractice, and disability. He often addresses churches, clubs and groups without charge. Mr. Peel may be reached through PeelLawFirm.com wherein other articles may be accessed.

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