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There are many factors why you're paying more for car insurance. So what can you do to maybe save a few bucks?"I think auto insurance rates have reacted to inflation," said the Director of Strategic Communications at Insurance Information Institute, Janet Ruiz.
The average annual rate increase in the United States is 8.4 percent. That's up more than 7 percent from 2022. In addition to inflation, Ruiz says prices are sky high because of many things like an increase in accidents, auto part shortages, labor shortages and auto thefts. In Arizona, the average yearly premium is about $1,626 which is lower than the $2,008 national average. However, in larger cities in the state it can be much higher. For example, in Phoenix it's $2,019 per year."That is also on the rise," Ruiz said."The value of the cars is what they pay out. If we have a lot of valuable cars getting stolen, that will raise premiums across the board because we have to pay enough premium to pay for the losses.
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