Technology and data allow us to track the latest stats and trends in the car insurance industry in real-time. This enables us to monitor any changes that affect how much car insurance is or how it is sold. Right off the bat, we can tell you that car insurance rates have been on the rise for the last year in the United States as it has been for nearly 10 years. Different states are seeing new insurance rates, and so are certain vehicles. At the same time, driver technologies are becoming more commonplace in newer makes and models. All these and more affect how much people pay for car insurance –these trends are explored in the post below.
Car Insurance Stats And Trends Right Now
Firstly, car insurance stats and trends are different from state to state. This is especially the case when comparing states like Michigan to Maine. Michigan, especially Detroit, is known for having the highest car insurance rates in the country. The national average annual car insurance cost is around $1,350, which is about $112.50 a month. Detroit has car insurance rates nearly four times that amount at $6,208. Other areas of Michigan have lower rates but still with the above-average cost of $3,096. Maine, meanwhile, has some of the lowest car insurance rates in the country, with annual rates of about $935, well under the national average –that’s about $77 a month. These are only what the rates are as of now. Over the past decade, car insurance rates have gone up by nearly 30%. How much exactly they increased depends on the city and state. Because of this, the new national average for car insurance in the United States is now $1,548. This is just one of many trends the car insurance industry is seeing.
Other Trends With Location And Car Insurance
On a related note and to further illustrate the trends the several zip codes of the United States experience, here’s the latest in what cities and certain regions and their car insurance trends. It’s been reported that North Carolina’s Winston-Salem is the major city with the lowest car insurance rates at an annual $847. As previously mentioned, Detroit is the most expensive city, with an annual $6,208. When it comes to regions, New England is the cheapest for car insurance, with an average annual rate of $1,305. The West Coast has the highest average car insurance rates, with an annual $1,665.These numbers speak for themselves.
Car Insurance Trends With Vehicles
Drivers often shop for Kitchener Car Insurance Rates with the type of car they have since that plays a role in determining how much they pay for their policy. Several factors and features about a car come into play in the underwriting process. Safety features, speed capabilities, and cost of replacement parts are all considered by insurance providers. Within the last couple of years, it has been found that the Fiat 500x is the least expensive car to insure at an annual $1,467. Again, location and driver factors may influence this total cost. Meanwhile, the Maserati Quattroporte is the most expensive to insure with an annual $4,742. It’s a luxury vehicle so that makes sense. As it would also turn out, vans are the least expensive to insure when it comes to car type. Sedans inversely cost far more. And while electric cars do save on fuel costs, the insurance is at least $1,000 more a year.
Car Insurance Trends With Drivers
Right off the bat, we can tell you something you more than likely know already –young drivers have the most expensive car insurance. That is why several new drivers often begin on their parents’ policy. New drivers pay a little bit under three times more than the average at $6,600. The premiums begin to descend to an average level once they turn 25 and have more of a good driving record. Around the time you turn 65, your insurance rates may increase but nowhere near as much as those of a younger driver. There is a miniscule difference, but women do pay less for car insurance than men do in some states. There are also reports of married couples paying less for car insurance than single people do. Of course, driving records with accidents and violations are what insurance providers pay the most attention to. So the best you can do is be the safest driver you can be as you go through life.
Car Insurance Trends With Technology
With safety and vehicle features becoming more commonplace and digitized, car insurance companies are leaning heavily in favor of them. Anti-theft device discounts tend to be small, about 1%, but are still sought out. Electronic driving assistance programs are also found to lower premiums, but only by $8 a year.
How Will Car Insurance Change
As of now, it seems that car insurance rates will continue to increase as does the number of drivers. At the same time, car insurance is becoming more digitized so perhaps we can expect it to all be fully automated in the future. It will be interesting to watch traditional insurance companies and insurtech companies interact in the coming years.
Source: Plato Data Intelligence: PlatoData.io
