car indemnity is an policy policy that covers individuals or companies against the cost of auto-related damages to third gear parties, and their properties. It may besides cover damages inflicted on the cover ’ randomness fomite in font of fire, accidents, or larceny.

The digital age has brought a lot of challenges to car insurance. advancement in car engineering like autonomous vehicles and ride-sharing has brought lots of changes. We put together some luminary car policy statistics to give you a good overview. so observe understand !

Top Auto Insurance Statistics 

  • The register number of cars in the uranium totaled about 274 million in former 2019 .
  • The UK was the beginning area to make vehicle policy policies compulsory in 1930 .
  • $ 1,548 is the modal car policy premium in the US .
  • There are approximately 279,000 people employed in the car insurance industry .
  • uranium car accidents in 2010 price over $ 1 trillion in loss of property and liveliness, a decade high trope .
  • The commercial car insurance industry in the US is worth an calculate $ 46.6 billion .
  • Maine has the lowest car policy rates with an annual median premium of $ 1,062 .

General Auto Insurance Industry Statistics 

The car indemnity industry has taken on a whole new level of importance in holocene years. urbanization and the increase number of motorize vehicles on roadways have led to an car accident rate of about 105 per day. The daily loss of lives and place in car accidents has made insurance a compulsory region of vehicle possession in the US and in many countries globally.

 1. The US automobile insurance industry is worth $288.4 billion. 

( IBIS World)
The marketplace value of the US car policy industry immediately stands at $ 288.4 billion. The market has grown at a rate of 2.7 % on median over the last 5 years with more vehicles added to the market and more indemnity companies rising across the area. Auto indemnity stats from recent research besides predicted a growth rate of 1.1 % in 2020 and with the proceed increase of the car diligence, policy is set to pass $ 300 billion in value over the future few years .

2. About 87% of US drivers have car insurance. 

( Carsurance) 

Auto insurance policies provide coverage in cases of larceny and accidents and 49 of 50 US states have consequently made it mandatary for drivers to have car indemnity. Research figures show that 87 % of drivers in America have some form of car insurance. The remaining 13 % are driving uninsured vehicles either illegally or while support in a region that doesn ’ metric ton command cable car policy. This means about 32 million motorists in America are uninsured .

3. Over 77,000 vehicles are stolen annually in the US. 

(National Highway Traffic Safety Administration)
car larceny is one of the major reasons for policy. While the rate of vehicle larceny has been on a worsen for over a decade, recent studies show that an average of 770,000 vehicles calm fall victim to the crime of larceny, a rate of over one per minute. Auto indemnity statistics 2017 besides show that over three-quarters of a million cars were stolen, with about half of them originating from driver errors. So the monetary value of fomite larceny for that year is coming in at about $ 6 billion .

4. The US commercial auto insurance industry is worth $46.6 billion. 

(IBIS World) 

The commercial car insurance industry has grown at a regular rate over the last few years. Statistics on commercial car insurance uncover that the market size of the industry has grown at an average rate of 4.9 % per year from 2015-2020. The growing fleet of commercial vehicles and increased prices in the car marketplace contributed to this emergence and the diligence is immediately worth $ 46.6 billion, with the market set to grow a foster 0.7 % in 2020 .

5. The average annual cost of car insurance in the US is $1,548. 

(The Zebra) 
The United States is one of the most expensive countries in the world for car owners. The average cost of car insurance in the country is $ 1,548, an increase of over 5 % from 2019 ’ s calculate of $ 1,470. That besides translates to about $ 774 per six-month policy or $ 149 per month .
With the average national income at around $ 50,000, this besides means Americans spend about 3 % of the annual incomes on car insurance. Granted, insurance policies in the US are implemented by the submit, so the average cost of insurance dips below $ 1,000 in some states, while early states see residents pay up of $ 2,000 on car insurance.

The Auto Insurance Industry Through the Years 

Despite the challenges the industry has faced in the last pair of decades, the car policy diligence both in America and globally has continued to grow at a firm rate. The Influx of new companies deoxyadenosine monophosphate well as investment in the industry has seen it evolve and develop into one of the world ’ s premier industries today .

6. The US auto insurance industry was worth approximately $220 billion at the start of the decade. 

(IBIS World)
According to car policy data, US car insurance was already a lucrative industry at the start of the decade. Research stats show that the industry was already worth $ 220 billion as of 2010. With a firm growth pace over the adjacent few years, the industry was worth $ 250 billion in 2015 .
continue urbanization, the inflow of personal vehicles, and the thunder ride-sharing diligence meant car policy in the US grew at a rate of 2.7 % per year between 2015-2020. Its current evaluation of $ 288.4 billion is brooding of the industry ’ s growth over the ten.

7. An estimated $173 billion was incurred in auto insurance losses in 2018. 

The amount of losses incurred annually on car policy has been on a sweetheart rise throughout the ten. Auto policy statistics in 2011 appearance that $ 117 billion were incurred that class in car insurance losses across the US. That name steadily grew and reached $ 145 billion in 2015 .
Auto policy stats in 2016 display a get up by about 20 million within the next 12 months as $ 163 billion were incurred in losses across the class. There was fair a $ 4 billion increase from 2016 to 2017. The research figures from 2018 show that $ 173 billion was lost in the US across the year .

8. The global auto insurance market grew by 2.9% between 2010 and 2014. 

(Canadian Under Writer) 

The ball-shaped car policy marketplace grew by 2.9 % between 2010 and 2014 with a CAGR of 5.1 %. This brought the industry ’ s ball-shaped measure to $ 669.7 billion by late 2014. Auto policy data for 2014 shows that the market value for the year was broken down between $ 460.1 million in personal car insurance premiums and $ 209.6 billion in commercial car insurance premiums. The global industry is now estimated to be worth over $ 880 billion .

9. 273 million vehicles were registered in the US in 2018. 

The United States is the second-largest automobile grocery store in the populace only behind China. The big number of register vehicles in the country has played a primary region in the nation ’ second lucrative car insurance industry .
Statistics from the car policy database show that the number of record vehicles across the area has been on a regular rise in the survive few years. approximately 250,000 vehicles were registered in 2010, with that number steadily rising to 263,000 vehicles in 2015, before reaching 273 million in 2018.

Auto Insurance Statistics by State

There are no federal laws mandating car insurance for drivers in the US. All car policy policies in America are made and implemented at the state level, with each state having its own rules. Factors like population concentration, average income, and share of uninsured drivers can determine the monetary value of policy in a state of matter .

10. 49 of 50 US state make auto insurance mandatory. 

(Auto Insurance) 
car insurance is a major expense for car owners in the United States. not lone is insurance expensive, it ’ s about constantly necessary. 49 out of the state ’ second 50 states make car policy compulsory for every road drug user, with only New Hampshire making the possession of car insurance optional and allowing drivers the choice of driving uninsured .
While the state is indulgent on car policy policies, it remains adamant on the fiscal responsibilities of vehicle owners and requires all drivers to cover the cost of injury or property damage in an accident they caused.

11. Michigan’s average insurance rate of over $3,000 is the highest in the country.

Since policy is handled at a state level in the US, every state of matter differs in policies, implementation, and price. recent studies show that Michigan is the department of state with the highest average car policy cost in the state, making 2020 the 7th year in a row and 9th time in 11 years the state has topped this particular statistic .
The average car policy rate in the country is $ 3,400, more than double over the national median, making it the entirely department of state to cross the $ 3,000 mark. Louisiana is the second most expensive state, with an average insurance premium of $ 2,608 followed by Nevada with $ 2,486.

12. Maine has the cheapest auto insurance in the country with an average annual premium of $1,062.

Maine is the state of matter presently with the lowest policy rates across the country. The median annual insurance premium in the express is barely $ 1,062 according to late car insurance rates stats, about $ 400 below the national average.

New Hampshire, the only department of state in the country where car policy international relations and security network ’ deoxythymidine monophosphate mandatary unsurprisingly besides has a very gloomy median policy premium. They are narrowly beaten by Maine with an modal premium of $ 1,070, among them the 48th highest submit in terms of average car insurance expenses per year in the US .

13. 26.7% of drivers in Florida are uninsured.  

( Value Penguin)
According to the latest report on car policy statistics by submit, Florida has the highest rate of uninsured drivers in the US. The report shows 26.7 % of road users in the state drive uninsured vehicles, 13.7 % above the national average. While a fortune of factors can determine the rate of car uninsurance in a express, Florida ’ s senior high school figures have been attributed to moo income and miss of implementation of policies by the authorities. On the other side of the spectrum, Maine has the lowest rate of uninsured drivers in the US with precisely 4.5 %, an expect figure considering the express has the cheapest car insurance premium countrywide .

Auto Insurance Demographic Statistics 

research has shown that demographic factors can play a part in policy rates. Research into car policy stats hints that age, income, sex, and other demographic factors heavily charm indemnity rates in America .

14. The average US male teenage driver pays up to 14% more in auto insurance than teenage females.

(The Zebra) 

While old and middle-aged women, in general, pay more on average in car insurance, statistics reveal that the reverse is the lawsuit among younger Americans. late car policy data shows that male teenagers pay up to 14 % more in car insurance than females, reflective of their leaning to take risks, drive recklessly, and file claims. As drivers age, their car insurance expenses cliff as is reflected in Americans aged 20-24, where males pay 8 % more than females in insurance premiums .

15. Women aged 26-30 pay 3% more in insurance than men in the same age group. 

man pay more in insurance among younger Americans, but the tables turn well as they grow older. According to statistics, women aged 26-30 pay 3 % more in insurance than men. Women in this age group pay an average of $ 2,591 compared to $ 2,518 for men. The gap in policy agio expenses widens slenderly as they get older, with women aged 31-35 paying 5 % more in insurance premiums than men in the lapp age group .

16. Married couples can’t save up to 6% in insurance costs compared to singles. 

(The Zebra) 
Getting married can lower your annual car indemnity estimate. Due to married couples likely sharing driving responsibilities, the bounty rate for both individuals is reduced compared to the average individual driver in the US. The average annual premium for a single American is $ 1,470 compared to $ 1,381 for a marry person. marry couples are advised to revisit the insurance policies for this reason ; when featuring in other discounts, shared indemnity can save both individuals up of $ 100 per class.

US Auto Insurance Companies Statistics 

America is home to some of the biggest car insurance companies worldwide. According to US car insurance statistics, there are over 8,000 car policy businesses across the country. It ’ s an expect big figure, considering the US had the second-largest automobile grocery store in the earth. With even more companies springing up daily, competition in the market has never been higher .

17. The top 10 auto insurance companies control 72% of the US market. 

( Value Penguin) 
Despite a large number of car policy businesses in the US, the commercialize is dominated by a few elite companies. These companies include the likes of State Farm, GEICO, Allstate, Progressive, and USAA, Nationwide Insurance, and a few others .

18. State Farm is the leading private auto insurance company in the US with a 17% market share. 

(Value Penguin) 
state farm tops the list of car policy companies in the US and is one of the biggest cosmopolitan. They dominate the market in closely every statistic and control 17 % of the US market share in private car indemnity. They have $ 42 billion worth of premiums written, $ 9 billion more than the second-biggest company, and approximately 1 in every 5 dollars spent on car policy payments in the US is paid to them. GEICO is following in occupation with a market share of 13 % and $ 33.1 billion worth of premiums written. Progressive and Allstate follow with a combine 20 % of the market share going to them.

19. The Progressive Group of Insurance Companies is America’s largest commercial auto insurance company with a 10.9% market share. 

(Insurance Business)
Progressive is the third base biggest car insurance company in the US with an 11 % share in the individual insurance market, however, it ’ mho in commercial car policy where they truly dominate. They control 10.9 % of the commercial market, the highest in the country, with $ 4.4 billion worth of premiums written. Travelers are the second biggest company with a 6.3 % market share followed by Liberty Mutual and Nationwide with 4.4 % and 4.0 % each .

Auto Insurance Claims Statistics

  An policy claim is a request made to an insurance company for coverage. Auto insurance claims on median, up of $ 170 million in the US each year. With the total of traffic and VMT recorded in the United State, car policy claims are expectedly frequent and expensive in the nation .

20. Minor accidents are the most common insurance claims in the US. 

(Market Insider)
minor accidents or “ fender benders ” as they are normally called are the most common policy claims in the US. These are accidents with child damage to property and no injuries to people. Windshield damages are the second most common policy claims, with vandalism, storm damage, single-vehicle collisions, and larceny following in the list.

21. The average American files a collision claim every 3 years and a comprehensive claim once a decade.

According to car policy claim statistics in the US, America has one of the highest frequency of insurance claims worldwide. however, that has been attributed to the high numeral of car owners in the States. individually, statistics show indemnity claims are few and far between with collision or minor accident claims made once every 3 years by the average driver .
comprehensive examination claims ( vandalism, larceny, and weather price ) are made once a decade, and claims for unplayful accidents or price to property and persons are made once every 18 years by the average american .

22. The average cost of collision claims in 2018 was $3,574. 

(Insurance Information Institute) 
collision claims are claims to an indemnity caller or requital of monetary value in repairing one ’ randomness vehicle regardless of who is at blame for the damage. According to the car policy claims database from 2018, 6.1 % of all collision indemnity policyholders in the US had a claim. The average cost of collision claims across the year was $ 3,574, a $ 796 increase from 2010.

Auto Insurance Fraud Statistics

indemnity fraud broadly entails an individual try to collect indemnity money he/she is not entitled to. According to insurance fraud statistics, deceitful claims take up to $ 80 billion annually across all forms of policy, and fraud has retentive been a problem with car policy .

23. Fraud accounted for 15%-17% of all bodily damage claims in 2012.

(Insurance Information Institute)
Based on statistics on car insurance accident claims, 2012 saw one of the highest percentages of deceitful claims in holocene years. According to the inquiry, 15 % -17 % of all bodily injury claims in 2012 were deceitful. This by and large accounted for claims involving chiropractic treatment, physical therapy, and early medical expenses. In early words, excess payments due to deceitful bodily injury claims in 2012 amounted to between $ 5.6 billion and $ 7.7 billion .

24. Private auto insurance companies lose up to $29 billion annually in premium leakage. 

( Verisk Analytics)
premium escape refers to omitted or misrepresented information that leads to lower rates or inadequate insurance. According to car insurance claim data, premium escape can occur multiple times across the liveliness cycle of an indemnity policy and it costs companies in the US up to $ 29 billion per annum. common sources of premium escape include unrecognized drivers and lowball mileage.

The Most Common Types of Car Insurance Coverage 

  • Liability Coverage 

Liability coverage is mandate in most united states states as the minimum requirement to drive a car. Liability coverage basically entails that a driver is legally creditworthy for any damage he/she causes while driving .
There are two types of indebtedness coverage, bodily damage, and property damage. Bodily damage coverage helps pay for costs related to bodily injuries inflicted on others while driving and property damage helps pay for damage to other people ’ mho place .

  • Uninsured and Underinsured Motorist Coverage 

Uninsured motorist coverage protects you from other drivers who do not have policy or in a hit-and-run accident. If the other party in an accident is liable and doesn ’ deoxythymidine monophosphate have the coverage to pay for expenses related to the accident, uninsured motorist coverage helps cover any medical expenses you may have or other expenses relating to the accident .
Underinsured coverage pays for your expenses when the liable party has policy but isn ’ deoxythymidine monophosphate sufficient to cover all your expenses.

  • Comprehensive Coverage

comprehensive coverage helps cover the monetary value of wrong to your car which wasn ’ t collision-related. Most common comprehensive examination coverage cases involve larceny, vandalism, and fires. If any of the aforesaid circumstances occur, comprehensive coverage helps repair or replace your vehicle. early common causes of comprehensive examination coverage include accidents with animals, break glasses, weather damages, and falling objects .

  • Collision Coverage 

Collision coverage pays for damages to your vehicle after accidents with early road users. This form of insurance is normally used in cases of minor accidents like a collision with another vehicle or hitting a fence. Collision coverage helps repair or replace your damaged fomite .


The indemnity industry is constantly changing and adapting to the current position. As technology continues to change our casual lives, the car indemnity industry faces more challenges than it ever has as urbanization lento eradicates the previous direction of doing business .
however, the diligence seems to be growing at a healthy pace and is projected to be worth deoxyadenosine monophosphate much as $ 300 billion within the future few years. All in all, United States car insurance statistics point toward a positive future for the indemnity diligence in the US and on a global degree .


How big is the car insurance industry?

The car policy diligence in the US has a market value of $ 288.4 billion. The global industry is worth a report $ 888 billion and is expected to grow at a rate of 6 % CAGR between nowadays and 2024 .

What percent of Americans have auto insurance ?

Auto insurance statistics show that approximately 87 % of all Americans have car indemnity with 13 % driving uninsured.

How much does the average American spend on auto insurance?

Auto indemnity statistics show the average american spends up to $ 1,548 annually. That equates to $ 774 per six-month policy or $ 129 .

Which state does not require auto insurance ?

Auto policy policies are implemented at the state level and it is mandatary in 49 out of 50 states in America. The merely state where car indemnity is not made mandatary is New Hampshire .

Leave a Reply

Your email address will not be published. Required fields are marked *