NAIC Releases 2020–2021 Auto Insurance Database Report

The National Association of Insurance Commissioners (NAIC) has released the 2020–2021 Auto Insurance Database Report. The report provides information based on data through year-end for the years 2020 and 2021. The data is the most current compilation of automobile insurance costs throughout the United States.

The 2020–2021 Auto Insurance Database Report also contains a summarization of the 2021 average expenditures and combined average premiums for each state.

Key findings from the 2020–2021 report include:

• The national combined average premium per issued vehicle was $1,189, a 1.18% increase from 2020 to 2021.
• The national total liability incurred losses were $83.6B in 2020, a 21% decrease from 2019.
• The average incurred loss per collision claim increased 13.08% from $4,612 per claim in 2018 to over $5,215 per claim in 2020.
• Liability premiums grew 10.86% from 2017 to 2021, while the number of vehicles insured for the same period only grew 7.53%.
• The national average expense per insured vehicle per year was $1,061 in 2021, a 5.27% increase from 2017.

Many factors affect a state's expenditures and premiums, including underwriting costs, driving locations, accident rates, traffic density, auto theft statistics, repair costs, and state laws. There are also differences in state requirements for insurance coverage, limits, and benefits. These variances make direct state-by-state comparisons difficult. Data contained in the 2020–2021 report may differ from previous reports, as updated information from insurers is periodically obtained and included in the most recent report.