Having a car is getting more expensive for drivers across the country as auto insurance premiums continue to soar. According to a new Bankrate report, U.S. drivers are paying an average of $2,543 annually, or $212 per month, for car insurance — an increase of 26% ...
Car insurance costs spiked by 15% in 2024, driven by inflation, complex vehicle repairs, and growing climate risks.
Car insurance prices are going up, and some insurers are planning rate hikes as high as 20%. (iStock) The cost of car insurance is expected to increase in 2022 across the U.S., with some states potentially seeing average double-digit growth from some of the largest auto insurance compa...
One insurance rate expert said that in 2023car insurance ratescould feel some additional impact from climate change. "If climate- and weather-related auto insurance claims increase, insurers will likely hike rates," Laura Adams, an award-Winning financial author, podcaster and spokesperson, said. "...
The average cost of auto insurance increased by 9% to $1,777 per year in 2022, according to a recent report by Insurify. And it expects the rate to increase by another 7% to $1,895 in 2023. If you are interested in saving money on your car insurance, you could consider changing ...
tend to decrease from ages 25 to 60 but begin to creep back upward when a driver reaches their 70s. Advanced age can cause decreased reaction time and poorer eyesight, which in turn can increase the likelihood of an accident. Because of this,senior driverstypically see elevated insurance rates...
High inflationthat began in 2020 prompted the cost of vehicles and parts to go up, while there was also an increase in extreme weather claims, Martin noted. There was also a 10% increase in car crash fatalities in 2021. "Insurance companies are trying to recoup those losses, and then pro...
Car insurance rates rose more than 25% in February 2024, according to data fromBankrate. Premiums forfull coverage auto insuranceaveraged $2,543, a 26% increase from the same time in 2023. Nationwide, drivers spent an average of 3.41% of their income on car insurance premiums. In some stat...
000 for each one. Three car insurance coverage levels were used, as were credit tiers of good, fair and poor. Clean driving records, as well as records with one accident, one speeding violation, or one DUI, were also used in the calculations of certain driver archetypes. To get the ...
High levels of vehicle theft have also made car insurance more expensive in recent years. 2023 saw over one million vehicle thefts, which was almost an additional one percent increase from 2022, the highest recorded number since 2008. Because the risk of vehicle theft is higher than usual, ins...