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,
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