From Time:

Auto insurance premiums have risen causing pain for drivers. The consumer price index shows prices are up 19.2% and the average cost per claim has surged to $11,102. Allstate secured rate hikes in New York, California, and New Jersey as underwriting losses climbed to $33.1 billion in 2022.

Premium increases could continue in 2024. While it’s tricky to predict exact costs, experts anticipate a 10% increase. If the premium hasn’t risen yet, a hike might be on the horizon, especially as inflation declines and insurers see rate increase approvals earn in.

Rising car repair prices and more expensive rental cars are contributing to higher costs. After an accident, repair parts are more expensive and rental cars cost more, while driving behavior has not corrected. There are signs that inflationary pressures on car insurance will ease as used car prices fall and new car prices flatten out.

The best way to get a good deal on car insurance is to shop around and switch auto insurance companies if you’re overpaying. Shopping is especially important if you have blemishes on your record. Writers encourage exploring discounts and provide other tips for lowering car insurance premiums.



Read more: How Much Car Insurance Prices Will Rise in 2024: Experts