Statistics make complicated concepts easier to comprehend. In the insurance industry, there are many important statistics that policyholders and drivers in general should consider. The right auto insurance plan can help protect you, your family, and your financial health. If you’re looking for insurance agents who serve Austin, TX, contact the Southwest Insurance Center. We’re ready to provide insights and assistance.

Some Key Auto Insurance Stats Everyone Should Know

Auto insurance provides coverage for medical bills and property damage after a car accident, amongst other things. Understanding how common car accidents are provides a beneficial perspective. More than 5 million car accidents occur annually in the United States as a whole. In Texas alone, approximately 500,000 car accidents occur each year.

According to the Insurance Information Institute, Texans spend about 1.93% of the median state income on car insurance. Some states are more expensive, while others are cheaper. When considering the financial implications, discussing with a car insurance agent familiar with your geographical market is wise.

Auto insurance requires an investment, but it has proved to be a financially sound choice for many drivers. In 2022, the insurance industry paid out a record-breaking $242.9 billion in claims. Some of these claims were for collisions, while others were for circumstances such as theft and weather damage.

What’s covered can vary from one insurance plan to another. Drivers should work with auto insurance experts to ensure they have the right coverage for their specific needs and situations. If you’re looking for auto insurance agents who serve Austin, TX, contact the Southwest Insurance Center. Since the Texan state government mandates auto insurance, we take pride in helping the community and ensuring Texans are properly covered by their insurance plans.