PolicyTools

Insurance Spend Calculator

Add up every premium a household or business pays, see the split by line, and check the share of income it represents.

Last reviewed

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Free · No sign-up · Runs in your browser

Insurance is bought one policy at a time and paid for on different schedules, which is why almost nobody knows what they spend on it in total. The individual numbers each look reasonable; the sum frequently does not.

This calculator puts every premium in one place, reports the split by line, and converts the total into monthly, weekly and daily figures alongside its share of income.

Your numbers

Results update as you type. Nothing is sent anywhere.

Optional - used only for the share-of-income figure.

Result

Total annual spend

$8,420

Monthly equivalent

$702

Weekly equivalent
$161.92
Per day
$23.07
Share of income
7.65%
Largest line
Health
Largest line amount
$4,200
Largest line share
49.88%

This is an estimate based on the values you entered. Actual premiums, coverage, eligibility and pricing vary by provider and by individual circumstances.

Seeing every premium in one place is usually the fastest way to find a policy that is no longer needed or a bundle discount that was never applied.

There is no universally correct share of income to spend on insurance - it depends on what you own, who depends on you and how much risk you can absorb.

Annual premium by line

PolicyAnnualMonthlyShare
Auto$1,480$12317.58%
Home or renters$1,620$13519.24%
Life$780$659.26%
Health$4,200$35049.88%
Other$340$284.04%

How to use the insurance spend calculator

  1. Enter the annual premium for each line of insurance you carry.
  2. Convert any six-month or monthly premiums to annual figures first.
  3. Enter your annual income if you want the share-of-income figure.
  4. Read the total, the split, and which line dominates.

What people use this for

  • Seeing total insurance spend in one place for the first time.
  • Finding a policy that is no longer needed or is duplicated.
  • Identifying where a bundling discount would have the most effect.
  • Building insurance properly into a household or business budget.

Worked examples

Every figure below is produced by running this calculator against the example inputs, so the numbers always match the tool.

A typical household

Auto $1,480, home $1,620, life $780, health $4,200 and $340 of other cover, on $110,000 of income.

Total annual spend
$8,420
Monthly equivalent
$702
Share of income
7.65%

After dropping cover no longer needed

The same household without the separate other cover and with a smaller life policy.

Total annual spend
$7,720
Per day
$21.15
Largest line
Health

Where duplication hides

Overlapping cover is common and rarely deliberate. Roadside assistance bought separately and also included in an auto policy. Travel cover on a credit card and again as a standalone policy. Accidental death cover attached to three different products.

Listing everything in one place is the only reliable way to find it, and the exercise usually pays for itself the first time it is done.

There is no correct share of income

What is reasonable depends on what you own, who depends on you, and how much loss you could absorb yourself. A household with no dependants and substantial savings can rationally spend far less than one with young children and a mortgage.

The share-of-income figure is useful for tracking change over time, and for noticing when the total has drifted upward without any decision being made.

Methodology and assumptions

What this calculator does, and what it deliberately does not do.

  • The total is the sum of the annual premiums entered. Shares are calculated against that total.
  • Convert six-month and monthly premiums to annual figures before entering them, or the total will be understated.
  • All figures are estimates produced from the values you enter. This site has no rate feed and no carrier data, so it cannot quote or price a policy.
  • Nothing you type is transmitted or stored - the calculation runs entirely inside your browser.

This calculator provides an estimate based on the information you enter. Actual insurance premiums, coverage, eligibility and pricing vary by provider and individual circumstances.

This website is not an insurance company, an insurance agency or a licensed broker. It does not sell insurance, does not provide insurance quotes, and is not authorised to give advice about which policy you should buy.

No result produced here is an offer of insurance or a guarantee of coverage. Only a licensed insurer or agent, working from your verified details, can quote or bind a policy.

Frequently asked questions

Should I include health insurance deducted from pay?

Include your own contribution if you want the true household cost. Whether to include an employer contribution depends on what the figure is for.

What counts as "other"?

Umbrella, travel, pet, gadget, income protection, warranty products - anything paid as an insurance premium that does not fit the main lines.

How often should I do this?

Annually is enough. It is most useful just before the renewal of the largest policy, when there is something to act on.

Is a high total always a problem?

No. Under-insurance is the more expensive error. The total is worth knowing so it is a choice rather than an accumulation.

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