GITNUX MARKETDATA REPORT 2024

Us Auto Insurance Industry Statistics

The US auto insurance industry statistics show trends in premiums, claims, and market share among major insurers.

Last Updated: June 23, 2024

How we write

In this post, we will explore key statistics and insights regarding the US auto insurance industry. From the prevalence of uninsured motorists and the impact of distracted driving on claims to the market value and trends in insurance programs, we will dive into the data shaping the landscape of auto insurance in the United States.

Statistic 1

"Approximately 13% of U.S. motorists were uninsured in 2019."

Statistic 2

"Distracted driving is responsible for approximately 25% of all auto insurance claims."

Statistic 3

"On average, U.S. drivers file a collision claim about once every 17.9 years."

Statistic 4

"The National Association of Insurance Commissioners (NAIC) reported that claim frequency decreased by 24% in 2020 due to COVID-19."

Statistic 5

"The average cost of liability insurance in the U.S. ranges from $500 to $1,000 per year."

Statistic 6

"70% of American drivers shop for lower auto insurance rates every 5-10 years."

Statistic 7

"Geico is the second largest auto insurer in the U.S., with about 14% of the market share."

Statistic 8

"Auto insurance premiums are higher in urban areas than in rural areas."

Statistic 9

"California, Texas, and Florida are the states with the highest number of auto insurance policyholders."

Statistic 10

"The average cost of repairing a vehicle after an accident in the U.S. is around $3,000."

Statistic 11

"Auto insurance fraud costs the industry over $30 billion annually."

Statistic 12

"Usage-based insurance (UBI) programs have grown by about 12% annually in recent years."

Statistic 13

"The U.S. auto insurance market was valued at approximately $316 billion in 2020, and it's expected to reach $375 billion by 2025."

Statistic 14

"The average annual premium for auto insurance in the U.S. in 2021 was $1,674."

Statistic 15

"Comprehensive coverage claims average $1,100 according to industry data."

Statistic 16

"State Farm is the largest auto insurance company in the U.S., with a market share of about 16%."

Statistic 17

"The auto insurance industry employs approximately 300,000 people in the U.S."

Statistic 18

"The severity of collision claims increased by nearly 20% over the last decade."

Statistic 19

"Female drivers tend to pay less for auto insurance compared to male drivers, on average."

Statistic 20

"More than 95% of drivers in the U.S. are insured."

In conclusion, the U.S. auto insurance industry is a dynamic and significant sector that is influenced by various factors such as uninsured motorists, distracted driving, claim frequency, market trends, and regional differences in premiums and policyholders. Despite challenges like auto insurance fraud and increasing repair costs, the industry continues to evolve with the rise of usage-based insurance programs and steady market growth. With a vast majority of U.S. drivers insured, competition among insurers remains robust, with market leaders like State Farm and Geico dominating market share. As the industry adapts to changing consumer behaviors and economic landscapes, it is poised to continue its upward trajectory, reaching billions in value by 2025.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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