U.S. Auto Insurance Market Size and Household Spending Report 2023
Auto Insurance bills account for 8.3% of the $3.22 trillion spent on household bills per year. The average U.S. household spends $207 a month on Auto Insurance.
About the Auto Insurance Market Size and Household Spending Report
The report provides a detailed breakdown of the market size, percentage of households that pay for auto insurance, and the average monthly and annual cost for auto insurance by state, as well as the 50 largest cities in the United States (based on the number of households) and cities with a population of 40,000 or more.
Americans spend a total of $811 billion on Auto industry costs
The data also shows that Americans spend a total of $811 billion every year on Auto Loans and Auto Insurance combined.
With the annual cost of owning a car going up 7% compared to the previous year, now at $6,184, it is important to consider a number of factors when reviewing auto insurance costs, including:
- Monthly payment options
- Payment methods
- Late payment policy
- Rate changes
Auto Insurance Market Size and Household Spending Snapshot
- Total Market Size: $267 billion spent per year
- Average Monthly/Annual Cost: $207 spent per month; $2,484 spent per year
- Percent of Households: 82% of U.S. households pay Auto Insurance
- Average Annual Cost per U.S. Household: $2,037 per year1
- Percent of Annual Income: Auto Insurance bills amount to 4% of consumers’ income per year
1 Average Monthly Bill x % of Households with Bill x 12 months per year = Average Annual Cost per U.S. Household.
U.S. Auto Insurance Market Size and
Household Spending
Read the full Auto Insurance report, and refer to our 2023 U.S. Auto Loan Market Size and Household Spending Report for a supplementary look at how much U.S. residents pay in monthly car loans as well.
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