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 2020, the average cost of car insurance for 18 year old men was around 7,500 U.S. dollars and for 18 year old women it was around 6,800 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 5,282 U.S. dollars in 2020.
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 until at least 2024.
