Today, doxoINSIGHTS released two new doxoINSIGHTS reports on the cost of car ownership in the US. The reports reveal that Americans as a whole spend $698 billion annually on car loans and car insurance combined. The Auto Insurance report, in particular, breaks down the $235 billion market for auto insurance in the U.S.
The report also provides auto insurance spending rankings for the U.S.’s 50 states, 25 largest metro areas, and hundreds of towns and cities. For example, while California has the largest car insurance market size out of all 50 states, Wyoming is the state with the highest average monthly auto insurance payment, at $335 per month. Also, while New York City is the major metro area with the largest car insurance market size, at $20.27 billion, the metro that has the highest monthly auto insurance bill on average is Washington DC, where residents pay $266 per month.
See below for a summary of some key findings from the report, plus links for further reading.
Auto Insurance Spending Snapshot
- Total Market Size: $235 billion spent per year
- Average Monthly/Annual Cost: $186 spent per month; $2,232 spent per year
- Percent of Households: 82% of U.S. households pay Auto Insurance
- Average Annual Cost per U.S. Household: $1,830 per year*
- Percent of Annual Income: Auto Insurance bills amount to 3% of consumers’ income per year
- Number of registered motor vehicles in the U.S.: 276 million
- Percentage of total bill pay market spend devoted to auto insurance: 5.34%
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 car loans as well.
To learn more about the Auto Insurance numbers, you can also check out a detailed post about the report’s findings here: How Much is Car Insurance for the Average US Household?