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Drivers across the U.S. are struggling with the growing cost of car insurance, which rose 2.6% in March from February and 22.2% from a year earlier. The cost of car insurance has surged by more than 50% since the beginning of 2021, before inflation started the steep climb that led to the peaks reached in summer 2022. In the last year alone insurance costs shot up by 26%, with U.S. car owners now paying a national average annual premium of $2,543 for full coverage. That's the equivalent of 3.4% of their income. https://lnkd.in/g9mnSUgf

Interesting read by CBS discussing how car insurance rates have jumped by as much as 50% in some states, driven by inflation, repair costs, and more frequent claims. With premiums on the rise, it’s vital for drivers to regularly review their policies and seek out strategies to manage these costs. #InsuranceRates #AutoInsurance

🚗 Buyer Beware 🚗 Like home insurance costs, auto insurance costs have been rising steadily for over a decade. Beware of insurance groups that promise lower costs and cheaper premiums to keep you on the road. Just as with home insurance, rising costs are a product of inflation and the cost of materials (construction materials for your home or auto parts for your car). When an insurance group promises lower costs than anyone else, they are likely cutting your coverage so that you are less covered when there is an accident. Beware of insurance companies that promise you something that is too good to be true. https://lnkd.in/gsMUHecU #insurance #customerservice #protection #coverage

What’s in store for the auto insurance industry this year? We rounded up insights from VIU by HUB, Jerry and J.D. Power. Premiums are expected to rise up to 5%, less than the 14% increases seen in 2023 and 2024, according to VIU by HUB. 80% of U.S. drivers in a Jerry survey said car insurance is unaffordable for the average person. https://bit.ly/4al8nPA #autoinsurance #EVs

We've got a take. And, as always, it's informed by data. Despite lower rate hikes when compared to the last few years, drivers are still going to be shopping around for car insurance this year. Why? Our 2025 State of the American Driver report revealed that 80% of U.S. drivers said car insurance is currently unaffordable for the average person. See how Digital Insurance uses Jerry and J.D. Power data to set expectations for the year ahead in the below article. 🔽

There's some bad news ahead for the nation's car owners, with a new Insurify report forecasting that auto insurance — one of the biggest drivers of inflation this year — will continue to rise in 2024. In fact, residents of three states could see their coverage rates spike by 50% in 2024. The typical U.S. insurance policy will jump 22% this year to an average annual premium of $2,469 by year-end, the report found. That comes after drivers saw their policies jump 24% in 2023. "Increasingly severe and frequent weather events are driving up auto insurance premiums," Insurify said in its report. "Hail-related auto claims represented 11.8% of all comprehensive claims in 2023, up from 9% in 2020, according to CCC Intelligent Solutions."

This speaks volumes for building and maintaining a strong, vibrant insurance market. A new report is forecasting that auto insurance — one of the biggest drivers of inflation this year — will continue to rise in 2024 with residents of three states potentially seeing coverage rates increase by 50%. Washington state is the only state in this report forecasted to see a reduction in premiums. Insurify, which provides data about auto insurance rates, found that the typical U.S. insurance policy will jump 22% this year to an average annual premium of $2,469 by year-end. That comes after drivers saw their policies jump 24% in 2023, it noted. The three states where insurance rates could jump by more than 50% this year are California, Minnesota and Missouri, the Insurify report found. Drivers in those states could see their rates rise by 54%, 61% and 55%, respectively. Auto insurance remains a pain point for consumers after experiencing more than two years of elevated inflation. Drivers are continuing to see their policy rates rise as more climate events cause vehicle damage and the costs associated with vehicle repairs remain high.  #autoinsurance #insurance #autorates #insurancecoverage #autocoverage #carinsurance #insurancepremiums #carrepaircosts #NAIC #Washingtonstate

The cost of auto insurance in the US rose more than 22% in the 12 months that ended in March, the biggest annual jump since 1976. Rates are up 43.7% since January 2020, making car insurance premiums one of the bigger contributors to high inflation. Here’s why:

The cost of auto insurance in the US rose more than 22% in the 12 months that ended in March, the biggest annual jump since 1976. Rates are up 43.7% since January 2020, making car insurance premiums one of the bigger contributors to high inflation. Here’s why: