Auto insurance premiums are revving up again, and could surge 22% by year end

[NorthernHawkeye]

A new report published by Insurify, an insurance comparison shopping site, shows the average U.S. rate for full auto insurance surged to $2,329 in the first half of 2024. That marks a 15% increase from 2023 and a stunning 48% spike when compared with 2021.

By the end of 2024, the cost of coverage is expected to rise even further, to $2,469, according to the report.

Auto insurance premiums are revving up again, and could surge 22% by year end

A new report from Insurify shows the average U.S. rate for full auto insurance jumped to $2,329 in the first half of 2024, a 15% increase from last year.

www.foxbusiness.com

 

[Vic Vaselino]

Just got my six month bill the other day. Went DOWN $40.00.

 

[Hawki97]

Just got my six month bill the other day. Went DOWN $40.00.

Renewed mine recently and mine went down by like $10. I have no idea why. No member anniversary or change that I know of. In a world full of weird things, insurance rates are one of them.

 

[Whiskeydeltadeltatango]

@Bank of Hawk famers just laid off its entire, employee model, distribution side.

 

[Whiskeydeltadeltatango]

Renewed mine recently and mine went down by like $10. I have no idea why. No member anniversary or change that I know of. In a world full of weird things, insurance rates are one of them.

You are preferred. You are the demographic your company wants so they will kill off 2x what they dint and keep you. It's all about risk.

 

[Hawki97]

You are preferred. You are the demographic your company wants so they will kill off 2x what they dint and keep you. It's all about risk.

If only they knew.

 

[HawkMachine]

Can blame a lot of it on cellphones causing fender benders.

 

[Hawkdiver]

Americans are driving ore miles than ever, cars are more expensive than ever, safety devices (back up cams, lane departure systems, etc.) are more expensive to repair. All of this leads to higher insurance premiums.

 

[HawCory]

Can blame a lot of it on cellphones causing fender benders.

Drop in the bucket. Hail damage...

 

[Formerly Rockymtnole]

Can blame a lot of it on cellphones causing fender benders.

Excellent point.

We were in Europe not too long ago and traffic is nuts, people drive wild…but they’re driving.

Nobody’s screwing around with phones and texting and eating. Didn’t see one accident in two weeks.

 

[Formerly Rockymtnole]

Drop in the bucket. Hail damage...

Good point as well. Had a vehicle totaled by hail last year.

 

[lucas80]

Shop around, there is still flexibility. But, premiums go up with more expensive cars that take more to repair, and with climate change and Republicans fighting against the introduction of wolves into the lower 48 to keep down the deer population this is the end result. And, just a slight about the wolves. Seriously, there are too many deer out there.

 

[onlyTheObvious]

Autobody repairs are crazy. What looks small costs a fortune. Headlight assembly will be $5000 at times.

We had a scratch on a new car that my wife wanted repaired. I figured they would just touch it up and buff it out. It was about a $1000. Crazy.

Somebody needs to design a car that looks like ass but promises cheap body repair bills.

 

[Formerly Rockymtnole]

Autobody repairs are crazy. What looks small costs a fortune. Headlight assembly will be $5000 at times.

We had a scratch on a new car that my wife wanted repaired. I figured they would just touch it up and buff it out. It was about a $1000. Crazy.

Somebody needs to design a car that looks like ass but promises cheap body repair bills.

It’s a bad time to have teenagers with cars

 

[Biggus Blockus]

Higher accident and claim frequency due to distracted driving and hail/flood events. Combine that with higher claim severity with parts and labor prices plus the advanced tech and features in cars today. That's on the property side.

On the liability/medical side - medical costs continue to climb at an extreme rate. Plus no shortage of ambulance chasing attorneys.

Rates are not coming down any time soon.

 

[NorthernHawkeye]

Somebody needs to design a car that looks like ass but promises cheap body repair bills.

They do. It's called an Avalon, right @Jimmy McGill ?