How big is the auto insurance industry in the US?
The global industry is now estimated to be worth over $880 billion. 9. 273 million vehicles were registered in the US in 2018. The United States is the second-largest automobile market in the world only behind China. The large number of registered vehicles in the country has played a primary part in the nation’s lucrative auto insurance industry.
What is the average cost of car insurance in the US?
$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.
How many Americans don’t have car insurance?
Research figures show that 87% of drivers in America have some form of auto insurance. The remaining 13% are driving uninsured vehicles either illegally or while living in a region that doesn’t require car insurance. This means about 32 million motorists in America are uninsured. 3. Over 77,000 vehicles are stolen annually in the US.