In 2024, the U.S. auto insurance industry experienced notable changes:
Market Size and Growth:
- The automobile insurance market reached a size of $364.9 billion in 2024, marking a 0.8% increase from the previous year. ibisworld .com
Premium Costs:
- Auto insurance rates rose by an average of 11.2% over the past year. jdpower.com
- From July 2021 to July 2024, motor vehicle insurance costs increased by 50%. fitchratings com
Regional Variations:
- Washington, D.C.,