The National Association of Insurance Commissioners (NAIC) has published the 2022/2023 Auto Insurance Database Report, which presents updated information on automobile insurance costs across the United States for the years 2022 and 2023.
According to the report, the national combined average premium per issued vehicle reached $1,438 in 2023. This figure represents a 14.42% increase compared to the previous year. The report also notes that national total liability incurred losses were $120.5 billion in 2022, marking a 9.4% rise from 2021.
Additionally, the average incurred loss per collision claim grew by 17.6%, moving from $6,113 per claim in 2021 to $7,191 per claim in 2022. Liability premiums increased by 19% between 2019 and 2023, while the number of insured vehicles rose by 5.5% during that period. In terms of annual expenses, the national average expense per insured vehicle was $1,281 in 2023—a growth of 19.24% since 2019.
The NAIC emphasized that various factors contribute to differences in expenditures and premiums among states. These include underwriting costs, accident rates, traffic density, repair costs, auto theft statistics, state laws, and requirements for insurance coverage and benefits.
“These variances make direct state-by-state comparisons difficult,” stated the NAIC in its release. “Data contained in the 2022/2023 report may differ from previous reports, as updated information from insurers is periodically obtained and included in the most recent report.”
The report also includes summaries of average expenditures and combined average premiums for each state based on data through year-end for both years.
