"I asked them if due to the fact that I have a Hyundai, is that one of the reasons my rates are going up and they said 'yes,'" Long said. A 2024 annual report from Bankrateshows the average car insurance policy is now more than $2,500 per year. For a family making roughly...
NEW YORK - Automobile insurance rates are rising sharply across the country, continuing a five-year trend.In a few states, premiums for private passenger cars are increasing so fast that the public is protesting vocally and sometimes dramatically.Why is insurance so costly? For one thing, ...
Auto insurance was up 54.7% in July of this year compared to January 2021, according to statistics from the Labor Department.(Fox Business / FOXBusiness) While the prices of new and used vehicles fell in July, car owners are faced with skyrocketing insurance costs. ...
According to a national survey of auto insurance premiums by online site The Zebra, the cost of insuring a car has increased by 20 percent on average since 2011. Natural disasters are playing a role in the rising cost of car insurance; as insurers cover rising claims for everything from hai...
Extreme weather events, higher replacement and repair costs, and increased medical expenses after accidents have boosted car insurance rates, experts say. Still, there are ways to mitigate rising premiums. Here are six strategies to consider: ...
TROY, Mich.: 11 June 2024 — With U.S. auto insurance rates up 11.2% on average during the past year—and insurers still losing an average of five cents on every dollar of premium they collect—sky-high premiums do not appear to be leveling off anytime s
The Premiums Keep RisingIt’s only normal for insurance premiums to rise over time. Many things can impact them, such as your vehicle, a change in your living environment, inflation, and increased insurer risk. However, if you have a clean driving record and have been a loyal customer for...
According to Greg McBride, Chief Financial Analyst at Bankrate, “With inflation running at 40-year highs, auto insurance premiums will also be pushed higher, in part reflecting the higher costs to repair and replace vehicles.” Increased costs for insurance companies are then shifted over to poli...
Look into insurance discounts and savings. Drivers can lower car insurance premiums by up to 15%, amounting to $258 in yearly savings for the average driver, through policies that offer discounts for low-risk behaviors, according to Insurify. These behaviors can include being a member of AAA...
One of the most important and least understood aspects of car ownership is insurance. Car payments, maintenance costs, and the rising price of gasoline are easy to grasp. Auto insurance, not so much—even though total motor vehicle injury costs were estimated at $498.3 billion in 2021, ...