In the United Kingdom, younger drivers paid more on average for their car insurance than older drivers in 2024. A driver who is around 20 years old would be charged roughly *** British pounds whereas a driver in their 30s would be charged an average rate of *** British pounds. This higher premium stems from the idea that young drivers engage in more risky driving behavior, such as drunk driving, and therefore pose a higher risk to insurance companies. Young drivers pay more, but also tend to have more coverage Prices of different car insurance cover plans in the UK have increased since early 2022 and exceeded *** British pounds in 2023. Third party, fire and theft plans overall had higher premiums than comprehensive plans. This, however, is because the basket of risks reflects the type of driver that buys such cover, which is typically young drivers.

Men typically face higher automotive insurance costs in the United States than women, this was apparent across the majority of leading auto insurance providers in the United States. This was particularly prevalent in the 17-year-old age category, with the average insurance rate for young males being over **** U.S. dollars more expensive with *** out of 11 of the leading insurers. American Family had the largest price difference at **** U.S. dollars, with the average 17-year-old female receiving an annual rate of ***** U.S. dollars and the average 17-year-old age males receiving an annual rate of ***** U.S. dollars. What factors into the cost of motor insurance? Requirements regarding auto insurance in the U.S. differ from state to state, but in most states some form of minimum insurance coverage is compulsory. The cost of insurance is determined by a variety of factors, including location, gender, age, type of vehicle, and personal factors such as how many accidents the driver has had and their credit score. These factors can create major price differences, with average insurance costs of the most expensive state (Michigan) being over *** times higher than the cheapest state (Iowa). Why is there such a large motor insurance market in the U.S.? There ******** of ******** of motor vehicles registered in the United States, creating an enormous market for auto insurance. However, there is a reason that most states require a minimum level of insurance – each year millions of vehicle crashes occur, which lead to incurred losses for auto insurers.

16-year-olds paid the highest amount for full coverage car insurance in the United States in 2023. It was found that 16-year-old drivers in the U.S. had to pay approximately *** U.S. dollars per year for car insurance, whereas their 21-year-old counterparts paid only *** U.S. dollars for the same coverage.

This dataset provides average annual car insurance premiums for different age groups in Arizona.

This statistic shows the average cost of car insurance in the United Kingdom (UK) in British pounds by age group and gender in 2018. The average cost of car insurance for those in their twenties was the highest out of the age ranges with an average of ***** British pounds. On average women pay more for car insurance in the United Kingdom (UK) than men. Women in their twenties paid on average ***** British pounds a year as to ***** British pounds paid by men.

Michigan had the most expensive car insurance premiums at ***** U.S. dollars for minimum coverage in 2023, though the premiums in many states fell in that year. The annual premium in Florida also fell by almost ***** U.S. dollars in 2023. This trend occurred in many high premium states. Why it varies state by state The huge variance in premiums between states is due to the difference in state laws, the percentage of uninsured drivers in the state, the frequency of natural disasters and claim rates. For instance, Michigan has a no-fault car insurance system, which means that claims are more common. This drives up the cost of insurance for all drivers because insurers need to pay out more money in claims. Male drivers also pay more There is also a difference between premiums among different age groups. In 2023, 20-year-old male drivers paid roughly ** U.S. dollars more per month than 20-year-old female drivers did. This is due to the higher incidence of accidents in among young male drivers. This means that young drivers in states which already have higher premiums must pay a lot for car insurance.

This table contains values from Insurify's proprietary database of car insurance quotes about average liability only car insurance for drivers in their 60s

Table of estimated average annual auto insurance premium costs for different age groups.

According to a survey conducted in February 2020, the majority of Italians aged 18 years and older holding a car insurance policy said that their yearly insurance premium cost between 300 and 500 euros, regardless of their age. However, unsurprisingly, individuals aged between 18 and 34 years are more likely to pay a higher insurance premium. By contrast, older, and likely more experienced, drivers benefit of good track history and pay a lower premium for their car insurance policy.

A detailed dataset showing average annual insurance costs for minimum and full coverage across different age groups in North Carolina.

The Guaranteed Asset Protection (GAP) insurance market is experiencing robust growth, driven by increasing vehicle prices and consumer debt. The market, while not explicitly stated, is likely valued in the billions, given the involvement of major players like State Farm, Allstate, and Progressive, who operate in vast markets. A conservative estimate, considering average insurance premiums and penetration rates in the automotive sector, could place the 2025 market size at approximately $5 billion USD. Assuming a CAGR (Compound Annual Growth Rate) of 5% – a reasonable figure given consistent vehicle sales and financing trends – the market is poised for substantial expansion throughout the forecast period (2025-2033). Key drivers include the rising cost of new vehicles, longer loan terms, and increased consumer reliance on financing options, creating a greater need for GAP coverage to protect against potential financial losses in case of total vehicle loss. Trends such as the increasing popularity of leasing and the rising average age of vehicles also contribute to market growth. However, restraints may include improved vehicle depreciation rates in some segments and increased consumer awareness of alternative financial protection mechanisms. Market segmentation likely includes coverage types (single-payment vs. extended coverage), vehicle types (new vs. used), and consumer demographics (age, credit score). Geographic regional variations will exist depending on vehicle financing practices, lending rates and the prevalence of leasing within different regions. The competitive landscape is dominated by established insurance giants like State Farm, Allstate, and Progressive, reflecting the significant market share held by these players. These companies leverage their extensive distribution networks and brand recognition to secure a considerable portion of the market. Smaller insurers and specialized GAP providers also contribute to the overall market dynamism. Future growth will likely be fueled by technological advancements such as improved risk assessment models and digital distribution channels. The market is expected to consolidate further, with larger players potentially acquiring smaller competitors to strengthen their market position and expand their service offerings. This consolidation will also likely lead to greater competition and more innovative product offerings that cater to the evolving needs of the insured.

A table showing the average annual cost of car insurance by age group in Arizona.

This dataset provides average annual cost estimates for full coverage and liability-only car insurance with Safeway Insurance in Texas, categorized by age group.

This statistic displays the average cost of motor insurance premiums in the United Kingdom (UK) in the fourth quarter of 2018, by age and gender. At almost every age, it was male drives that had higher premiums as compared to their female counterparts. Males aged between 17 and 22 years of age had the highest motor insurance costs for any age or gender. On average young males paid more than *** British pounds more annually than females of the same age. When assessing policy costs of motor insurance, companies will look at the persons, age, gender, nationality and even regionality.

The cost of comprehensive motor insurance in the United Kingdom reached an all-time high in the first quarter of 2024. As of the third quarter of 2024, the average cost of comprehensive motor insurance was approximately *** British pounds. Age also plays a role in the price of car insurance with 20- and 75-year-olds paying the most in 2024.

The global auto extended warranty market is experiencing robust growth, projected to reach $24.69 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 6.7% from 2025 to 2033. This expansion is driven by several key factors. Increasing vehicle complexity and advanced technology lead to higher repair costs, making extended warranties a financially attractive option for consumers. The rising average age of vehicles on the road also contributes to this trend, as older vehicles are more prone to requiring costly repairs. Furthermore, the growing popularity of leasing, coupled with the desire for consumers to mitigate potential out-of-pocket expenses at the end of a lease term, fuels demand for extended warranty protection. The market is segmented by application (passenger vehicles and commercial vehicles) and warranty type (powertrain, component, and bumper-to-bumper). Passenger vehicles currently dominate the market, but the commercial vehicle segment is expected to show significant growth due to the increasing fleet sizes and operational costs associated with commercial vehicles. The geographical distribution of the market reveals strong growth in North America and Asia Pacific, fueled by high vehicle ownership rates and increasing disposable incomes. Europe is another significant market, characterized by strong consumer protection regulations and a well-established automotive industry. Emerging markets in South America, the Middle East, and Africa are also expected to contribute to overall market expansion, albeit at a slower pace, as vehicle ownership and disposable income continue to increase. Key players in the market, including Assurant, Endurance Warranty, and Ally Financial, are strategically investing in expanding their product offerings and geographical reach, emphasizing digital distribution channels to enhance customer reach and experience. Competitive pricing strategies, tailored warranty packages, and strong customer service will be key differentiators for success in this rapidly evolving market.

This statistic shows the insurance companies with the highest percentage change on previous year of car insurance premiums in the Netherlands as of April 2017, by age group. In 2017, one of the more well-known insurance companies, Inshared, increased the premiums for their car insurances with approximately 22 percent for people aged 18 to 26 years old. In 2014, the average premium of a single private car insurance in the Netherlands reached an average of approximately 370 euros.

UK car parts wholesalers have faced weak car production – vehicle output falling by 13.9% in 2024. This slowdown has reduced orders for original manufacturer parts. However, rising sales of used cars and an ageing vehicle fleet (with the average vehicle age at 9.4 years) have expanded replacement and repair component sales. Spare part prices have soared, demonstrated by car insurance premiums jumping 82% between 2021 and 2024, translating into higher revenue for wholesalers. Moreover, the market shift towards electric vehicles (EVs), with EV registrations up 16.7% in 2024, means wholesalers face lower demand for traditional engine components but gain opportunities supplying EV-specific parts such as batteries, charging equipment and power electronics. Buyer power is fairly high due to strong competition among parts suppliers, while barriers to entry are moderate because of the capital requirements and specialised technical expertise needed in this industry. That’s why revenue is projected to hike at a compound annual rate of 2.8% to £22.4 billion over the five years through 2025-26, with an expected hike of 1.8% in 2025-26. Revenue is forecast to expand at a compound annual rate of 3.6% to £26.7 billion over the five years through 2030-31. The expanding UK car fleet is driving steady growth in the UK car parts market. Total car sales are forecast to rise by 3.3% to above two million units by 2026, raising long-term demand for replacement parts as vehicles age. Used cars will likely remain popular, raising the average vehicle age on UK roads and boosting ongoing demand for servicing and replacement components for older models. EVs will also form a larger portion of the market. The SMMT expects battery-electric cars alone to make up about 28.3% of total sales by 2026, alongside continued growth in hybrid sales. Government support is helping accelerate this shift – with over £2 billion earmarked from 2024 to expand charging infrastructure. This opens new opportunities for wholesalers to supply higher-value EV-specific parts like batteries, cables and charging gear. However, challenges remain as larger retailers increasingly bypass traditional wholesale channels, pushing wholesalers to diversify their product lines to protect profit.

The global auto extended warranty market, valued at $38.88 billion in 2025, is poised for significant growth. While the exact CAGR is unavailable, considering the increasing vehicle ownership, rising consumer preference for vehicle protection plans, and the escalating complexity and cost of vehicle repairs, a conservative estimate of the Compound Annual Growth Rate (CAGR) between 2025 and 2033 could range from 6% to 8%. This growth is fueled by several key drivers: the increasing average age of vehicles on the road, leading to higher repair costs; the growing awareness among consumers about potential out-of-warranty repair expenses; and the expansion of warranty offerings from both automotive manufacturers and independent providers. Furthermore, trends towards subscription-based models and bundled warranty packages are further enhancing market penetration. Restraints on market growth could include economic downturns affecting consumer spending, increasing competition among warranty providers, and evolving consumer perceptions of warranty value. Market segmentation reveals significant traction in powertrain and bumper-to-bumper warranties across both passenger and commercial vehicle applications. The geographic distribution of the market reveals strong growth potential across various regions. North America, particularly the United States, is expected to remain a dominant market due to high vehicle ownership rates and established insurance infrastructure. However, emerging markets in Asia-Pacific, especially India and China, present substantial opportunities driven by rising middle-class incomes and expanding automobile sales. Europe will continue to exhibit steady growth, with Germany, the UK, and France remaining significant contributors. The Middle East and Africa region, while currently smaller, showcases potential for future expansion as vehicle ownership increases. These regional variations in market dynamics highlight the need for tailored strategies by warranty providers to address specific consumer needs and regulatory environments. The market is intensely competitive, with established players such as Assurant and Endurance Warranty facing challenges from both regional players and new entrants offering innovative solutions and competitive pricing.

In 2023, teen drivers paid significantly more for motorcycle insurance than 50 year old drivers did in the United States. In that year, the average monthly motorcycle insurance premium for a 16 year old riding a cruiser was 340 U.S. dollars, whereas the monthly premium for a 50 year old was 191 U.S. dollars.