U.S. Auto Insurance Market Size and Household Spending Report 2023
Two new reports from doxo reveal that the cost of car ownership has increased 7% year over year to $6,184 per year. The reports also reveal that Americans as a whole spend $811 billion annually on Auto Loans and Auto Insurance combined.
Below are the details for the Auto Loan Market Size and Household Spending Report which breaks out the household spending market size; percentage of households that pay each bill; and average monthly and annual bill pay costs by state, as well as the 50 largest U.S. cities (based on the number of households), and those cities with 40k or more residents. Key findings include:
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 year*
- Percent of Annual Income: Auto Insurance bills amount to 4% of consumers’ income per year
Read the full report below, 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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*Average Monthly Bill x % of Households with Bill x 12 months per year = Average Annual Cost per U.S. Household.