What's Driving Car Insurance Rate Hikes in 2024?
Car insurance rates across the U.S. are expected to increase by 12.6% in 2024, according to a report from the LendingTree insurance site, ValuePenguin.
The report states that this increase is due to rising repair costs and frequent severe weather. This is an even bigger jump than in 2023 when rates rose by 11.2%.
The average cost of full coverage car insurance across the U.S. going into 2024 is projected to be $1,984 per year, or about $165 per month.
ValuePenguin used the Quadrant Information Services database to analyze millions of quotes for drivers across the U.S. Their experts also analyzed car insurance rate changes filed by top companies across the country to illustrate the current and historical landscape of the auto insurance industry.
The highest rate increase is anticipated in Nevada, where insurance prices are projected to leap by 28% in 2024, marking the largest increase nationwide. Other states with substantial increases this year include Washington (18%), Arizona (17%), Connecticut (17%), Louisiana (16%), and Georgia (16%).
Every state, except for Colorado, Hawaii, Idaho, and North Carolina, is expected to see a rate increase of at least 5% this year.
