SATURDAY, OCTOBER 31, 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.
Auto insurance statistics by state
- 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%).
10 most expensive states for car insurance in 2020
|Avg Annual Premium
10 most inexpensive states for car insurance in 2020
Auto insurance premiums by vehicle
- 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.
Car insurance premiums demographic statistics
- 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.
Average increased cost of auto insurance by accident/violation
|Cell Phone Violation
|Texting while Driving
Article Courtesy of : Car Insurance Industry Statistics
Posted 5:07 PM
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