Auto insurance is mandatory in almost every state in the U.S. and this is because it helps protect individuals involved in car accidents that are not at fault. So whether you want to or not if you own a car, you most likely own auto insurance. Nearly 215 million drivers carry insurance in the United States and the industry as a whole is worth about $316 billion as of 2022. The average American spends $148 a month on auto insurance.
KEY AUTO INSURANCE STATISTICS
WHAT IMPACTS AUTO INSURANCE RATES?
Some of the bigger facts that affect auto insurance rates are state coverage requirements, age and the car's make and model. However, there are things that you might have more control over that can increase or decrease the amount of insurance you have to pay.
- If you have a good credit score but it goes down to a poor credit score it could increase your premium
- A speeding ticket can increase your premium so make sure to always drive according to the speed limit
- If you cause an accident your premium will also increase
- A DUI conviction will increase your coverage
- A lapse in coverage could also increase your pay
- Adding a teen driver could also increase your coverage because they are inexperienced drivers
WHAT TYPES OF AUTO INSURANCE CLAIMS ARE FILED?
The four types of categories of auto insurance claims are bodily injury, property damage, collision and comprehensive. Bodily injury and property damage claims are about liability or the policyholder’s responsibility to others for property damage or bodily injury. Collision and comprehensive cover damage and theft to the policyholder’s car.
WHICH AUTO INSURANCE CLAIMS ARE MOST EXPENSIVE
As you could have expected the most expensive claim is bodily injury, at an average of $16,260 per loss, followed by property damage at $3,729, collision at $3,278 and comprehensive at least expensive at $1,690.
COST OF AUTO INSURANCE CLAIMS BY TYPE
WHICH AUTO INSURANCE CLAIMS ARE MOST COMMON?
From a frequent standpoint, collisions are the most commonly filled next is property damage, followed by comprehensive and lastly is bodily injury.
FREQUENCY OF AUTO INSURANCE CLAIMS BY TYPE
WHY DO PEOPLE GET IN COLLISIONS
Risk Factors in 2019 Fatal Crashes
HOW COMMON ARE COLLISIONS?
Drivers in Florida have more than 1,000 car accidents every day.