Americans are paying more for auto insurance than many other countries.
That trend is likely to continue as more people opt for new auto-related insurance policies in the coming years, according to a study published on Wednesday by the McKinsey Global Institute, which tracks insurance costs for businesses and government entities.
The study, based on data from insurers, shows that Americans are spending an average of $2,852 per year for auto coverage, compared with $2.1 million for Europeans, according the report, which was released Thursday.
The difference was especially stark in Europe, where auto insurance is much more expensive than in the United States, where it is cheaper than most other countries, according a McKinsey statement.
The McKinsey study also found that auto insurance rates have been rising in countries where car ownership is declining or has been stagnant for decades.
In countries such as India and Japan, the rate has been increasing in recent years.
In the United Kingdom, which has seen a steady rise in car ownership, the average price of auto insurance policies has more than doubled from $3,500 in 2007 to $8,500 last year, McKinsey said.
The United States is in the middle of the pack, with rates climbing from $1,700 in 2007, according an analysis by the company.