01/04/2023
Insurify says the main causes of the predicted increase are:
-“Americans are driving more, causing more total accidents;
-“Auto repair costs are rising, making every accident more expensive;
-“Inflation is increasing costs of all goods and services; and
-“Climate change could cause more frequent, damaging natural disasters.”
Some states saw significant hikes in their insurance this year, including Oregon, Maryland, and Virginia with premiums up by more than 25% in each state. Prices stayed about the same in Michigan but it still remains the most expensive state for car insurance, according to Insurify. Californians saw a 15% average drop, partially due to the Department of Insurance not allowing rate increases because of the COVID-19 pandemic.
Insurify’s latest report on auto insurance trends predicts that average annual car insurance rate will rise by another 7% to $1,895 in 2023, based on...