Vehicle insurance Spending
How much American households spend on vehicle insurance — 2024 data from the BLS Consumer Expenditure Survey
Spending Insight: Vehicle insurance
American households spent an average of $1,993 on vehicle insurance in 2024, representing 2.5% of total consumer expenditures. This marks a notable 12.3% increase from 2023 ($1,775), outpacing general inflation and suggesting growing consumer prioritization of this category.
Since 2020, vehicle insurance spending has risen by 26.5% (from $1,575 to $1,993), substantially exceeding cumulative inflation over the same period — a real increase in household burden.
Income is the strongest predictor of vehicle insurance spending: the top income quintile spends $2,840/year versus $895 for the lowest quintile — a 3.2x gap. Regionally, the South spends the most ($2,213/year) while the Midwest spends the least ($1,558/year). Use the cross-cuts below — by income, region, age, household size, and housing tenure — to see which demographic factors drive this category hardest for your situation.
Spending Trend (2020–2024)
| Year | Annual Amount |
|---|---|
| 2024 | $1,993 |
| 2023 | $1,775 |
| 2022 | $1,592 |
| 2021 | $1,528 |
| 2020 | $1,575 |
By Income Level (2024)
How vehicle insurance spending varies across income quintiles
| Income Group | Annual Amount |
|---|---|
| Lowest 20% | $895 |
| Second 20% | $1,679 |
| Middle 20% | $2,028 |
| Fourth 20% | $2,518 |
| Highest 20% | $2,840 |
By Region (2024)
Geographic variation in vehicle insurance spending
By Age Group (2024)
How vehicle insurance spending changes across the lifecycle
By Household Size (2024)
| Size | Annual |
|---|---|
| 1 Person | $1,160 |
| 2 People | $2,351 |
| 3 People | $2,031 |
| 4 People | $2,402 |
| 5 or More | $2,675 |
By Housing Tenure (2024)
| Tenure | Annual |
|---|---|
| Homeowner (with mortgage) | $2,220 |
| Homeowner (no mortgage) | $2,480 |
| Renter | $1,878 |
Frequently Asked Questions
How much does the average household spend on vehicle insurance? ▼
Is vehicle insurance spending increasing? ▼
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Spending Guides
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Browse other major categories from the BLS Consumer Expenditure Survey.
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Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the BLS Consumer Expenditure Survey. Consult a qualified professional before making decisions based on this data.
Read our methodology — how this data is sourced, computed, and verified.
