Young men face significantly higher automotive insurance costs in the United States than young women, with the average monthly premium for a 20-year old man being 142 U.S. dollars, compared to 126 U.S. dollars for a woman of the same age.
What factors into the cost of motor insurance?
Requirements regarding auto insurance in the U.S. differ from state to state, but in most states some form of minimum insurance coverage is compulsory. The cost of insurance is determined by a variety of factors, including location, gender, age, type of vehicle, and personal factors such as how many accidents the driver has had and their credit score. These factors can create major price differences, with average insurance costs of the most expensive state (Michigan) being over ten times higher than the cheapest state (Iowa).
Why is there such a large motor insurance market in the U.S.?
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ValuePenguin. (August 1, 2023). Average auto insurance expenditure per month for a 20-year old in the United States in 2023, by gender (in U.S. dollars) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/555842/auto-insurance-costs-usa-by-age-gender/
ValuePenguin. "Average auto insurance expenditure per month for a 20-year old in the United States in 2023, by gender (in U.S. dollars)." Chart. August 1, 2023. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/555842/auto-insurance-costs-usa-by-age-gender/
ValuePenguin. (2023). Average auto insurance expenditure per month for a 20-year old in the United States in 2023, by gender (in U.S. dollars). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/555842/auto-insurance-costs-usa-by-age-gender/
ValuePenguin. "Average Auto Insurance Expenditure per Month for a 20-year Old in The United States in 2023, by Gender (in U.S. Dollars)." Statista, Statista Inc., 1 Aug 2023, https://www.statista.com/statistics/555842/auto-insurance-costs-usa-by-age-gender/
ValuePenguin, Average auto insurance expenditure per month for a 20-year old in the United States in 2023, by gender (in U.S. dollars) Statista, https://www.statista.com/statistics/555842/auto-insurance-costs-usa-by-age-gender/ (last visited September 01, 2024)
Average auto insurance expenditure per month for a 20-year old in the United States in 2023, by gender (in U.S. dollars) [Graph], ValuePenguin, August 1, 2023. [Online]. Available: https://www.statista.com/statistics/555842/auto-insurance-costs-usa-by-age-gender/