Jennifer Rudden
Research expert covering finance, real estate and insurance
Get in touch with us nowWhat is the cost of car insurance in the U.S.?
Of course, auto insurance comes at a cost to the car owner and the younger the owner the more expensive car insurance typically is. In 2022, the average cost of car insurance for 17-year-old men was around 5,000 U.S. dollars, and for 17-year-old women it was around 4,600 U.S. dollars. The price of car insurance drops significantly as people get older, and the gap in price between the genders also levels out. There are also geographical differences when it comes to the price of auto insurance. For instance, the most expensive state for auto insurance in the United States was Michigan. In Michigan, the average cost of auto insurance was 5,740 U.S. dollars in 2022.Consumer differences
There are also generational differences in how people buy their auto insurance coverage. For instance, Millennials were twice as likely to buy theirs online as Baby Boomers in 2019. This suggests that online purchases will grow in popularity in the future as Millennials make up a larger share of the consumer base. Statista forecasts show that online motor insurance purchases will continue to grow annually until at least 2024.
