Suggested by Vaseem Anjum about 1 year ago

Auto insurance is not cheap and it gets expensive over time. Everyone spends quite a bit on their insurance. For extremely safe drivers, it is a money wasted as none of it comes back. What if the safe driver gets paid for their safe driving in terms of retirement savings in an IRA account? Part of the monthly premium for every driver can go into a mutual fund (not at individual level but collectively for the whole company for ease of managing the investments). After 20 years of using the insurance (this number can vary but we do not want to wait till people become 65 or something like that - people should be able to use their savings and investments here at a much early age), the money can be made available as a lump sum withdrawal, or rolled over to an IRA, 401k etc. This will help build a massive auto insurance firm and people will practice safe driving habits as their retirement depends on it! The money they get depends on their safe driving record (accidents where they were at fault will reduce their overall takeaway amount).

Auto insurance costs are increasing and it is high time to incentivize people to get a good insurance at competitive rates with additional benefits like retirement. There are a lot of people who do not have enough retirement savings or have lost those savings due to climate change, market upheavals due to bad economic policies and the ever-increasing gap between the rich and the middle class. The middle class is diminishing due to increased cost of living and inflation and stagnant wages are risking peoples' retirement.