Summary
- • The average annual cost of car insurance in the US is $1,771
- • Drivers with poor credit pay an average of 71% more for car insurance than those with good credit
- • 18-year-old drivers pay an average of $5,988 per year for full coverage car insurance
- • The average car insurance rate for a DUI conviction is $3,336 per year
- • Married drivers pay about 6% less for car insurance than single drivers
- • The average car insurance claim for bodily injury is $20,235
- • Approximately 6 million car accidents occur in the US each year
- • About 1 in 8 drivers in the US is uninsured
- • 72% of insured drivers purchase comprehensive coverage
- • Only 5% of auto insurance claims are related to theft
- • The average property damage claim is $4,711
- • Michigan has the highest average annual car insurance premium at $2,878
- • Maine has the lowest average annual car insurance premium at $912
- • 78% of US drivers have basic liability coverage
- • The auto insurance industry's net premiums written totaled $288 billion in 2021
Unraveling the intricate web of auto insurance statistics is like embarking on a thrilling drive through a maze of numbers, where the average annual cost of car insurance in the US acts as the first pit stop at $1,771. Buckle up as we navigate through the twists and turns of data revealing that 18-year-old drivers pay a whopping $5,988 per year for full coverage, while married drivers enjoy a 6% discount on insurance premiums – proving that sometimes, the best co-pilot is a spouse. From DUI convictions to uninsured motorists, and everything in between, these statistics will make you rethink just how much horsepower your policy really packs.
Claims and Accidents
- The average car insurance claim for bodily injury is $20,235
- Approximately 6 million car accidents occur in the US each year
- Only 5% of auto insurance claims are related to theft
- The average property damage claim is $4,711
- The average collision claim is $3,750
- The average comprehensive claim is $1,995
- About 40% of car insurance claims are filed in the winter months
- The average car insurance claim for medical payments is $15,506
- The average car insurance claim for personal injury protection is $10,816
- The average driver files an auto insurance claim once every 17.9 years
- Approximately 28% of car accidents are rear-end collisions
- About 40% of fatal car crashes involve alcohol
- The average car insurance claim frequency is 5.7 per 100 car years
- About 65% of car insurance claims are paid within 30 days
- The average car insurance claim takes 14.2 days to settle
- The average car insurance claim for uninsured motorist coverage is $28,939
- The average car insurance claim for rental reimbursement is $46 per day
- The average car insurance claim for personal injury protection is $10,816
- The average car insurance claim for medical payments is $15,506
Interpretation
In the world of auto insurance, numbers don't lie, they just add up – sometimes to eye-watering figures. From the steep cost of bodily injury claims to the surprising rarity of theft-related claims, it's clear that our driving escapades can come with a hefty price tag. With winter months inspiring a flurry of claims and rear-end collisions making up a significant chunk of accidents, it seems we could use a crash course in defensive driving. And let's not forget the cocktail of statistics pointing to alcohol-related crashes and the importance of comprehensive coverage. So buckle up, folks, because in this game of risk and reimbursements, the statistics are driving the conversation – and they're telling us to stay alert, stay safe, and maybe invest in a good insurance policy.
Cost and Premiums
- The average annual cost of car insurance in the US is $1,771
- Drivers with poor credit pay an average of 71% more for car insurance than those with good credit
- 18-year-old drivers pay an average of $5,988 per year for full coverage car insurance
- The average car insurance rate for a DUI conviction is $3,336 per year
- Married drivers pay about 6% less for car insurance than single drivers
- Michigan has the highest average annual car insurance premium at $2,878
- Maine has the lowest average annual car insurance premium at $912
- Drivers with a clean record save an average of 31% on their car insurance
- Tesla vehicles are the most expensive to insure, with an average annual premium of $4,539
- The Honda CR-V is one of the least expensive vehicles to insure, with an average annual premium of $1,285
- The average annual premium for minimum coverage car insurance is $565
- Drivers with a DUI conviction pay an average of 80% more for car insurance
- Drivers who use telematics devices can save up to 30% on their car insurance
- The average car insurance premium increased by 3% in 2021
Interpretation
In the complex world of auto insurance, numbers don't lie but they do tell some intriguing tales. From the jaw-dropping $5,988 price tag attached to the youthful exuberance of 18-year-old drivers to the looming specter of a 71% penalty for those with tarnished credit histories, it's evident that insurance premiums can be a real rollercoaster ride. Whether you're cruising in a Tesla with a hefty $4,539 annual premium or opting for the frugal embrace of a Honda CR-V at $1,285, your choice of wheels can truly drive up or down your insurance costs. So, as the numbers crunch and the averages fluctuate, one thing remains clear: in the game of car insurance, the stakes are high, the savings elusive, and the road ahead is anything but predictable.
Coverage and Policies
- About 1 in 8 drivers in the US is uninsured
- 72% of insured drivers purchase comprehensive coverage
- 78% of US drivers have basic liability coverage
- Approximately 14% of drivers are uninsured in Florida, the highest rate in the US
- New Jersey has the lowest uninsured motorist rate at 3.1%
- About 77% of drivers purchase comprehensive coverage
- About 26% of US drivers have usage-based insurance policies
- The average car insurance deductible is $500
- Approximately 14% of drivers have no-fault insurance coverage
- Approximately 40% of car insurance policies are bundled with homeowners or renters insurance
- About 22% of drivers have accident forgiveness coverage
- Approximately 7% of drivers have gap insurance coverage
- About 33% of drivers have roadside assistance coverage
- Approximately 18% of drivers have new car replacement coverage
- About 12% of drivers have pay-per-mile insurance policies
- Approximately 5% of drivers have classic car insurance
- About 8% of drivers have rideshare insurance coverage
- Approximately 3% of drivers have mechanical breakdown insurance
Interpretation
Insurance statistics can reveal a variety of driving habits and behaviors, painting a picture of both risk and preparedness on the roads. With roughly 1 in 8 drivers in the US cruising without insurance, it seems some are playing fast and loose. However, it's comforting to know that 72% of those insured opt for comprehensive coverage, showing a majority prioritizing protection. From Florida's high rate of uninsured motorists to New Jersey's minimal risk takers, the landscape of insurance coverage varies widely across states. With a blend of unique policies like usage-based, accident forgiveness, and gap insurance, drivers are customizing their shields for the road ahead. Whether bundling policies or zooming in on specific coverage like roadside assistance or classic car insurance, it's evident that the American driver is navigating the insurance market with a mix of caution and flair.
Industry Statistics
- The auto insurance industry's net premiums written totaled $288 billion in 2021
- State Farm is the largest auto insurer in the US with a 16% market share
- GEICO is the second-largest auto insurer with a 14% market share
- Progressive is the third-largest auto insurer with a 13% market share
- Allstate is the fourth-largest auto insurer with a 9% market share
- USAA is the fifth-largest auto insurer with a 6% market share
- Approximately 220 million licensed drivers are insured in the US
- The auto insurance industry employs about 2.8 million people in the US
- About 6% of policyholders switch auto insurance companies each year
- The auto insurance industry's combined ratio was 101.5% in 2021
- The auto insurance industry's loss ratio was 71.8% in 2021
- The auto insurance industry's expense ratio was 25.4% in 2021
- The auto insurance industry's return on net worth was 6.4% in 2021
- The auto insurance industry's direct premiums earned totaled $285 billion in 2021
Interpretation
In a world filled with uncertainty, one thing remains constant: the auto insurance industry's ability to navigate the complicated web of numbers. From the staggering $288 billion in net premiums written to the fierce competition for market share among the titans of the industry, it's clear that insurance is not just about protection—it's a high-stakes game where every percentage point counts. With approximately 220 million licensed drivers in the US trusting their coverage to these insurance giants, the pressure is on for the industry's 2.8 million employees to keep the wheels turning smoothly. And with a 6% annual churn rate in policyholders, loyalty is truly the golden ticket in this race for financial stability. So buckle up, folks, because navigating the twists and turns of the auto insurance industry's financial performance is truly a ride like no other.
