Get Rich: Quit Smoking

IF YOU'RE LOOKING for reasons to quit smoking, we've got $5,977 of 'em.

Life insurance: $940

Insurers have completely different mortality expectations for smokers versus nonsmokers, which creates staggering gaps in life insurance premiums, says Steven Weisbart, an economist with the Insurance Information Institute. Consider this: A 40-year-old man in decent health would pay just $460 per year for a 20-year, level-term $500,000 policy. If he smokes, that cost would more than triple to $1,400. That policy for a woman of the same age and health would cost $400, or $1,000 if she smokes.

Auto insurance: $42

Like any in-car distraction, smoking causes its share of accidents. "Smokers are notorious for not paying attention while looking for their lighter," says Sandy Praeger, Commissioner of Insurance for Kansas. Be sure to tell your insurer that you don't smoke — they may offer a specific nonsmoker discount, or include it as part of a safe driver discount. Citizens Insurance Company of America, for example, offers a 5% discount on comprehension and collision coverage if no drivers have smoked in the past 15 months. The average American spending $838 on such coverage would save about $42.

Car resale value: $1,910

"Consumers just love that new car smell," jokes Joni Grey, consumer advice editor for Kelley Blue Book — and they're just as particular about the scent in that used car they're considering buying. Vehicles owned by nonsmokers are easier to sell, and retain their value better than those owned by smokers, she says. Under Kelley Blue Book pricing guidelines, just "some" smell of smoke is enough to drop an otherwise perfect car from excellent to good condition, an average decrease in value of 7% to 10%. A 2005 BMW 5-Series 525i in excellent condition might fetch $35,730 in a private party sale, for example, while one in good condition is valued at $33,820.

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