Car insurance premiums skyrocketed by 21% in 2024, placing a significant burden on drivers already grappling with inflation and high housing costs. The increase is even more pronounced in certain states like California, Minnesota, and Missouri, where premiums could jump by over 50%. Experts attribute the rise to factors such as general inflation, supply chain disruptions, and labor shortages.
The cost of car insurance increased substantially in 2024, rising 21% year over year, according to data from the Bureau of Labor Statistics. However, these numbers may be even higher if you live in California, Minnesota or Missouri, where car insurance price increases could exceed 50%.Rising insurance premiums, in addition to other economic hurdles, like persistent inflation and high housing costs, are putting a strain on many drivers' budgets.
Telematics programs use either a device or app to collect data about your driving behavior. 'However, it is important to note some insurers could increase your rate if telematics detects poor driving habits,' Friedlander says. Jones also recommends asking about occupational discounts, especially if you're in a public service position, like nursing, teaching or firefighting. Many companies offer age-related discounts as well.
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