Today, doxoINSIGHTS released two new doxoINSIGHTS reports, revealing that Americans as a whole spend $698 billion annually, on Auto Loans and Auto Insurance combined. The Auto Insurance report breaks down the $235 billion market for auto insurance in the U.S., ranking the U.S.’s 50 states, 25 largest metro areas, and hundreds of towns and cities in terms of average monthly expenses and market size.
Auto Insurance Market Size and Consumer Spend Snapshot
- Total Market Size: $235 billion spent per year
- Average Monthly/Annual Cost: $186 spent per month; $2232 spent per year
- Percent of Households: 82% of U.S. households pay Auto Insurance
- Average Annual Cost per U.S. Household: $1830 per year*
- Percent of Annual Income: Auto Insurance bills amount to 3% of consumers’ income per year
Read the full report below, and refer to our Auto Loans report for a supplementary look at how much U.S. residents pay in monthly auto loans bills as well.