Car Insurance Statistics

Buying your first car is a big big moment in everyone’s life and even the thought of it getting damaged runs chills throughout the body.

Do you know what pains even more if by some devilish fate something happens to your newly bought ride? Paying the cost to get it fixed! That’s why car insurances are essential for everyone and it has been made mandatory in a few states where if you are caught without insurance, you may be fined heavily or possibly may even end up behind bars!

So, given the importance of this in every car owner’s daily life, we decided to dig up and serve you with some juicy car insurance statistics. Here we go!

On this page, you’ll find:

• Car Insurance Cost Stats
• Car Insurance Stats by States
• Car Insurance Client Stats
• Car Insurance Market Stats
• Car Insurance Vehicle Stats

Key Car Insurance Statistics

These are the top 10 stats from the article that follows below:

• The average annual cost of auto insurance in the U.S is $1,133.92. (Policy Genius)

• The average monthly car insurance installment payment is $118.63. (Car Insurance)

• The average auto insurance cost has increased by over 20% since 2011. (Zebra)

• California requires the minimum property damage liability per accident amount to be $5,000. (NerdWallet)

• Arizona has accounted for 10% of the nation’s fraud claims between 2015 and 2019. (Insurance Fraud)

• 18 years old drivers pay $3,858 on average for their annual car insurance. (Finder)

• Men aged 22 to 25 pay $3,000 on average annually while women in that age bracket pay about $2,700. (Finder)

• The top 10 car insurance companies control about 72% of the market in the US. (Value Penguin)

• The auto insurance industry in the US consists of 8,701 businesses. (IBIS World)

• The most expensive car insurance claim was when Rowan Atkinson claimed $1,497,560, after crashing his McLaren F1 sports car. (Wilby Insurance)

Car Insurance Cost Stats

Car Insurance though very important doesn’t always come cheap. The premium prices vary depending upon factors like your car company, model, specifications, age, etc. However, you may need to spend a significant sum of money from your purse to get one. How much, you wonder? Look at the Car Insurance cost stats we have collected for you to get a vivid idea of how much is spent on keeping insurance for your ride.

• Getting married can drop your car insurance rates by about 6%. (Zebra)

• The average annual cost of auto insurance in the U.S is $1,133.92. (Policy Genius)

• The average loss per claim is about $4,100 in the U.S. (Statista)

• The U.S. average automobile insurance premium is $1,470 per year.  (Car Insurance)

• The average monthly car insurance installment payment is $118.63. (Car Insurance)

• Drivers can save up to 15% on premiums if they switch from driving more than 15,000 miles/year to half of that amount. (Carsurance)

• The average auto insurance cost has increased by over 20% since 2011. (Zebra)

• Purchasing your policy in advance, paying in full, or paying online can save you 10% on car insurance. (Carsurance)

• Insurance-rate penalties for distracted-driving violations range from $86 to $763. (Carsurance)

• Automobile insurance cost for drivers with poor credit is 90% more expensive than for those with exceptional credit. (Carsurance)

Car Insurance Stats by States

Different states in the US have different laws and regulations regarding auto insurance and more in store, specifically for car insurance. You may be needed to pay an additional amount of insurance, than whatever you are paying now, for your car in some different state in the same country. This may be a bit overwhelming but worry not; we have got you covered. Here are the top stats regarding car insurance in different states:

• California requires the minimum property damage liability per accident amount to be $5,000. (NerdWallet)

• Alaska and Maine in the U.S have the highest bodily injury liability per accident insurance amount of $100,000.

• South Dakota has the cheapest minimum car insurance coverage of just $323 per year. (Car Insurance)

• Maine has the cheapest full car insurance with an average of $1,080 per year or $90 monthly. (Car Insurance)

• Michigan has the most expensive insurance with the minimum car insurance coverage is $1,855 or $155 per month. (Car Insurance)

• The full car insurance coverage in Michigan state surpasses $3,000 per year.

• In Arizona, fraud car insurance claims have increased by 26% over the last 5 years. (Insurance Fraud)

• Arizona has accounted for 10% of the nation’s fraud claims between 2015 and 2019. (Insurance Fraud)

• Stats from 2019 show that New Hampshire and Virginia don’t require any type of car insurance. (Forbes)

• 11 States introduced “no-pay, no play” laws to encourage drivers to follow insurance regulations.

Car Insurance Client Stats

Clients are the most critical factor to consider for any enterprise, and so is the case for car insurance companies. Client data can help them plan and modify their packages in such a way that they can attract more potential customers. If you are a part of such a company or just another person who is willing to buy insurance or already has one, then definitely take a look at the client stats for car insurance that we have collected below:

• 18 years old drivers pay $3,858 on average for their annual car insurance. (Finder)

• Those aged between 26–30 pay an average of over $2,500 for their car insurance. (Finder)

• Drivers over 56 spend an average of around $2,400 per year on car insurance. (Finder)

• 18 year old men are expected to pay an annual premium of $4,144. (Finder)

• Men aged 22 to 25 pay $3,000 on average annually while women in that age bracket pay about $2,700. (Finder)

• Women aged 26–30 pay an average of $2,600 a year for car insurance versus $2,500 for men. (Finder)

• In the 31–35 age bracket, women pay more than men of the same age — $2,600 a year while men pay $2,500. (Finder)

• Men aged over 56 pay around $30 less for car insurance than women. (Finder)

• Student drivers at times pay from $3,600 to $7,000 annually for car insurance, which is triple the average rate for those between 23 and 85. (Carsurance)

• About 60% of U.S.A auto insurance customers are willing to share their car’s data with the manufacturer. (McKinsey)

Car Insurance Market Stats

As car insurance is mostly mandatory for car owners, it gives many companies a chance to be in business. Thus, the car insurance market is quite diverse and varied, with various companies coming up with all sorts of lucrative deals to attract customers, but only a few succeed. The Car Insurance market stats we have for you below will give you a more in-depth perspective regarding this market structure.

• The top 10 car insurance companies control about 72% of the market in the US. (Value Penguin)

• State Farm Group has the biggest market share on private passenger auto insurance of 17%. (Value Penguin)

• State Farm Group holds $42 billion in written premiums. (Value Penguin)

• Since 2014, GEICO has been the second-largest private insurer in the U.S, with a market share of 13%. (Value Penguin)

• A company named Progressive is the third-largest private auto insurer in the U.S. with a market share of 11%(Value Penguin)

• The top three insurance companies in the U.S have a combined market share of over 40%. (Value Penguin)

• The car insurance market is growing at about 3.3 percent per year.  (Car Insurance)

• The U.S. auto insurance market grew by 1.2% in 2019. (IBIS World)

• The auto insurance industry in the US consists of 8,701 businesses. (IBIS World)

• There are approximately 279,001 people employed in the car insurance industry in the U.S. (IBIS World)

Car Insurance Vehicle Stats

One of the main things that decide how much you are going to pay for your insurance is your vehicle specifications and condition. Along with this, your age and health will also be an essential deciding factor. How can we end this analysis without taking a look at the top car insurance vehicle stats? So here they are:

• The cheapest type of car to insure was a small SUV, at an annual cost of $1,087. (YDC)

• The most expensive car to ensure was a small sedan, with an annual cost of $1,342. (YDC)

• The Honda Odyssey minivan was the least expensive car to insure in 2019. (Insure.com)

• Rideshare coverage raises car insurance rates by 13%. (Zebra)

• There are 32 million uninsured motorists in the U.S. (Car Insurance)

• 16% of drivers think that autonomous vehicles will end the need for car insurance. (KPMG)

• About $81 billion in new insurance revenues will be generated by autonomous vehicles between 2020 and 2025 in the U.S.(Accenture)

• Almost 87% of U.S. drivers have some type of car insurance. (Car Insurance)

• More than 6.7 million vehicles crashed in the United States in 2018. (Statista)

• The most expensive car insurance claim was when Rowan Atkinson claimed $1,497,560, after crashing his McLaren F1 sports car. (Wilby Insurance)

Conclusion

Picking the right car is very important as you spend a huge load of money buying it and it ends up becoming an integral part of your owned assets. Picking the right car insurance is equally important for financial security in case of an unfortunate event. People tend to choose their insurance without paying much heed to all the available options and some even cut slack off in reading the terms and conditions.

This may backfire in the future thus insurance must be chosen with proper research and only after reading and understanding the underlying terms of the agreement. We hope the stats above helped you widen your knowledge of the topics and you found whatever you were looking for.