Planning Your Summer Road Trip: Budgeting Tips and Insights

As summer approaches, many of us are gearing up for road trips, whether it’s a cross-country adventure or a local getaway. At O1ne Mortgage, we understand the importance of planning and budgeting for your travels. According to a recent survey by Experian, drivers have varied expectations and budgets for their summer road trips. Let’s dive into the details to help you plan your trip effectively.

Travel Distance and Budget Expectations

Experian’s survey reveals that the average planned road trip distance is around 512 miles. While only about 1 in 9 road trippers plan to drive more than 1,000 miles, most are preparing for a journey that will require at least one refuel for gas-powered cars. On average, drivers expect to spend approximately $1,007 on their trip, translating to about $2 per mile. This budget includes expenses such as gas, tolls, and accommodations.

Vehicle Choices for Road Trips

When it comes to choosing a vehicle for their summer road trip, 66% of drivers prefer using their own car. Meanwhile, 21% opt to rent a vehicle. For those renting, there’s a mix of good and bad news. While rental car prices have decreased from their pandemic-era highs, they still tend to peak during the summer months due to high demand. However, modern conveniences like air conditioning are now standard in most rental cars, making the journey more comfortable.

Major Expenses: Gas, Food, Lodging, and Insurance

Unsurprisingly, gasoline and lodging are expected to be the biggest expenses for most drivers this summer. Additionally, 47% of respondents anticipate food to be a significant cost. Gas prices are expected to be below average this summer, thanks to the U.S. releasing some of its fuel reserves. However, entertainment and car insurance costs are also notable expenses, with 18% and 15% of vacationers, respectively, listing them among their top three anticipated costs.

Tips to Lower Your Insurance Premiums

If your summer road trip budget seems steep, consider ways to reduce your car insurance premiums. Here are some tips:

• Compare car insurance quotes online from top auto insurance carriers to find the best rates for the coverage you need.
• Bundle auto and property insurance for potential discounts.
• Increase your deductibles to lower your premium costs.
• Consider parting with older, less efficient vehicles that may be more expensive to insure.

To get started with comparing insurance quotes, you’ll need information about your current vehicle insurance, the year, make, and model of the vehicles you’re insuring, details about yourself and other drivers, and any additional information that might qualify you for discounts.

Conclusion

Planning a summer road trip involves more than just choosing a destination. Budgeting for expenses like gas, food, lodging, and insurance is crucial to ensure a smooth and enjoyable journey. At O1ne Mortgage, we’re here to help you with all your mortgage service needs. Call us at 213-732-3074 for expert advice and assistance. Safe travels and happy road tripping!