Car insurance in the U.S. - Statistics & Facts

As of 2018 there were over 273 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. In 2018, there were over 34 thousand fatalities, about 1.8 million injuries and approximately five million car crashes which involved property damage. So while many of us feel secure in our vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.

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.

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Car insurance in the United States

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