GITNUX MARKETDATA REPORT 2024

Auto Insurance Industry Statistics

The auto insurance industry data includes premiums collected, claims paid out, loss ratios, market share, and customer retention rates.

Statistic 1

"The average cost of car insurance for a 16-year-old driver is about $2,300 per year."

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Statistic 2

"Progressive, State Farm, Geico, and Allstate control nearly 50% of the auto insurance market in the United States."

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Statistic 3

"Auto insurance premiums are expected to increase by about 5% annually due to rising repair costs."

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Statistic 4

"In 2020, telematics-based car insurance policies grew by 7% in the United States."

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Statistic 5

"The average cost of auto insurance in the United States is $1,674 per year."

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Statistic 6

"Over 90% of drivers in the United States have car insurance."

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Statistic 7

"In 2020, the global auto insurance market was valued at approximately $739 billion."

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Statistic 8

"Usage-based insurance (UBI) is growing at a compound annual growth rate (CAGR) of over 16%."

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Statistic 9

"Claims related to vandalism or theft represent about 11% of all auto insurance claims."

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Statistic 10

"California, Texas, and Florida are the top three states in terms of auto insurance premiums written."

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Statistic 11

"The average auto insurance claim for bodily injury is approximately $20,235."

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Statistic 12

"Nonstandard auto insurance represents about 20% of the auto insurance market."

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Statistic 13

"Over 30% of consumers search for and purchase auto insurance online each year."

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Statistic 14

"The frequency of collision claims per insured vehicle year is about 6 per 100 for cars."

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Statistic 15

"Auto insurance fraud costs about $29 billion annually in the United States."

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Statistic 16

"Electric vehicle owners pay an average of 21% more for auto insurance than the owners of conventional vehicles."

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Statistic 17

"In 2020, there were about 276 million registered vehicles in the United States."

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Statistic 18

"Geico is the second-largest auto insurer in the United States with a market share of 13.4%."

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Statistic 19

"The US auto insurance industry collected $316.2 billion in premiums during 2019."

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Statistic 20

"The top five states with the highest auto insurance rates are Michigan, Louisiana, Florida, Texas, and California."

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