With the average national income at around $50,000, this also means Americans spend around 3% of the annual incomes on auto insurance. That also translates to about $774 per six-month policy or $149 per month. The average cost of car insurance in the country is $1,548, an increase of over 5% from 2019’s figure of $1,470. The United States is one of the most expensive countries in the world for car owners. The average annual cost of car insurance in the US is $1,548. The growing fleet of commercial vehicles and increased prices in the automobile market contributed to this growth and the industry is now worth $46.6 billion, with the market set to grow a further 0.7% in 2020. Statistics on commercial auto insurance reveal that the market size of the industry has grown at an average rate of 4.9% per year from 2015-2020. The commercial auto insurance industry has grown at a steady rate over the last few years. The US commercial auto insurance industry is worth $46.6 billion. So the cost of vehicle theft for that year is coming in at nearly $6 billion.
#ZEBRA CAR INSURANCE ESTIMATES DRIVER#
Auto insurance statistics 2017 also show that over three-quarters of a million cars were stolen, with nearly half of them originating from driver errors. While the rate of vehicle theft has been on a decline for over a decade, recent studies show that an average of 770,000 vehicles still fall victim to the crime of theft, a rate of over one per minute. (National Highway Traffic Safety Administration)Ĭar theft is one of the major reasons for insurance. Over 77,000 vehicles are stolen annually in the US. This means about 32 million motorists in America are uninsured. The remaining 13% are driving uninsured vehicles either illegally or while living in a region that doesn’t require car insurance.
#ZEBRA CAR INSURANCE ESTIMATES DRIVERS#
Research figures show that 87% of drivers in America have some form of auto insurance. About 87% of US drivers have car insurance.Īuto insurance policies provide coverage in cases of theft and accidents and 49 of 50 US states have consequently made it mandatory for drivers to have auto insurance. Auto insurance stats from recent research also predicted a growth rate of 1.1% in 2020 and with the continued growth of the automobile industry, insurance is set to pass $300 billion in value over the next few years. The market has grown at a rate of 2.7% on average over the last 5 years with more vehicles added to the market and more insurance companies rising across the country. The market value of the US automobile insurance industry now stands at $288.4 billion. The US automobile insurance industry is worth $288.4 billion.
The daily loss of lives and property in car accidents has made insurance a compulsory part of vehicle ownership in the US and in many countries globally. Urbanization and the increased number of motorized vehicles on roadways have led to an auto accident rate of about 105 per day.
The auto insurance industry has taken on a whole new level of importance in recent years. General Auto Insurance Industry Statistics
The digital age has brought a lot of challenges to auto insurance. It may also cover damages inflicted on the insured's vehicle in case of fire, accidents, or theft. Auto insurance is an insurance policy that covers individuals or companies against the cost of auto-related damages to third parties, and their properties. The Zebra Quickly Compares Car Insurance Rates from Over 200 Insurers
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