A new study by the Insurance Research Council (IRC) finds that despite recent premium increases, auto insurance remains more affordable relative to household income than it was in the mid-2000s.
According to the IRC study Auto Insurance Affordability: Countrywide Trends and State Comparisons, U.S. households spent approximately 1.51% of their income per vehicle on auto insurance in 2022, representing a slight increase from the previous year. The average expenditure was $1,127, while median household income was $74,580.
Looking at long-term trends from 2000 to 2022, the study found that median household income grew somewhat faster than auto insurance expenditures,
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.
Leave a Reply
You must be logged in to post a comment.