Car Insurance Statistics in 2020

Car insurance industry statistics in 2020

The following statistics reflect the current price of car insurance and overall national increase in car insurance premiums.

$1,548 is the average car insurance premium in the United States.
Since 2011, rates have skyrocketed by 29.6% nationally. The rate of increase varies by individual state and city.
Average annual rates now exceed $6,200 in some American cities, more than four times the national average.

In 2019, South Dakota saw the biggest year-over-year rate increase at 22% while Texas saw the biggest rate decrease: -20%.
Overall in 2019, Michigan remained the state where car insurance is most expensive, with an average cost of $3,096. The capital of Michigan, Detroit, continues to be the most expensive city in the United States with premiums more than four times the national average ($6,208).
The least expensive state in the nation is Maine, with annual average premiums costing $935.
Winston-Salem, North Carolina, was the major city with the cheapest rates: $847.
The New England region is the cheapest region for car insurance in the US, with average costs of $1,305 a year.
The Far West region is the most expensive region for car insurance in the US, with an average rate of $1,665 a year.
Only seven states have enjoyed rate decreases since 2011, while 44 states — including Washington D.C. — witnessed significant increases (up to 86%).

In 2019, the least expensive car to insure was a Fiat 500x, with an annual car insurance premium of $1,467 (5.9% of MSRP).
The Maserati Quattroporte was the most expensive car to insure with an average rate of 4.4% of its MSRP ($4,742).
By percentage of MSRP, Nissan was the most expensive vehicle brand to insure, at 8.7%.
By percentage of MSRP, Porsche was the least expensive brand to insure (3.6%).
Vans were the cheapest car type to insure with annual premiums totaling $1,688.
Sedans were the most expensive vehicle type to insure, with average costs coming to $2,275 per year.
Eco-friendly buyers beware: green/hybrid cars are some of the most expensive models to insure due to the cost of repairs and replacement — $2,110 to insure a year, on average.

Nationally, drivers aged 55 and up experience the cheapest rates.
A 16-year-old driver with a policy of their own would pay, on average, $6,600 per year for car insurance — more than three times the average for drivers ages 23 to 85.
On average, the difference between what women and men pay for car insurance is insignificant, with women paying less than 1% more than men.
However, this average also varies by state: women in Louisiana pay 5% more than men, while men in Wyoming pay 3.7% more than women.
Motorists with poor credit pay 114% ($1,546) more for car insurance than drivers who have exceptional credit (a credit score of 750 and above).
Getting married can reduce your car insurance rates by about 6%, saving about $98 per year. Only a handful of states, including Montana, Massachusetts, and Hawaii, don’t allow insurers to consider marital status in determining rates.
There are reasons to get that GED: drivers with no high school diploma pay only about 3.6% ($57) more per year than drivers who have a Ph.D.
Being employed full-time can save you 1.3% ($21) on car insurance.
Active duty military personnel get an average discount of 2.6% ($40) over civilians.