A new report from Insurify shows the average U.S. rate for full auto insurance jumped to $2,329 in the first half of 2024, a 15% increase from last year.
Surging auto insurance premiums are revving up again, keeping the financial pressure on millions of Americans nationwide. A new report published by Insurify, an insurance comparison shopping site, shows the average U.S. rate for full auto insurance surged to $2,329 in the first half of 2024. That marks a 15% increase from 2023 and a stunning 48% spike when compared with 2021. By the end of 2024, the cost of coverage is expected to rise even further, to $2,469, according to the report.
Several factors have caused the spike in car insurance rates. The price of both new and used cars rose sharply after the COVID-19 pandemic, the result of both supply chain disruptions and unseasonably high demand. As a result, vehicles are more expensive and costlier to replace, which has driven up the price of repairs. On top of that, the country is grappling with a shortage of mechanics, which is driving auto repair costs even higher.
Car insurance companies are also trying to make up for steep losses incurred in 2021, which saw a sharp rise in fatal car accidents. "Insurer losses result from a combination of inflationary pressures – like the rising cost of vehicle repairs and the skyrocketing price of new cars – and unprecedented climate catastrophes that drive weather-related claims in states that haven’t historically seen as much of this type of damage," the Insurify report said.
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