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Ohio drivers, already facing stiff increases in prices, now are having to deal with inflation on auto insurance that is the highest in a decade. Sticker shock: Ohio drivers seeing historic rate ...
Now let's look at why auto insurance rates keep going up -- and how drivers can take matters into their own hands to try to get cheaper car insurance in 2025. 1. Driver's credit score
In Louisiana, auto insurance costs are the highest in the nation on a per capita basis, with 4.7% of the median household's income going toward car insurance, Insurify noted.
Average car insurance rates increased 26 percent from 2023 to 2024. ... You may be asking yourself why your car insurance premium is so high this year. ... If you live in a state prone to car ...
Even U.S. Consumer Price Index (CPI) data found that car insurance rates increased by 21% in the 12-month period that ended in February. This is the most rapid rise in insurance costs since 1976.
Between February 2023 and February 2024, car insurance costs went up by 21%. So for example, a car insurance premium that cost $300 per month in February 2023 might cost $363 per month one year later.
The average cost of car insurance rose more than 25% in 2024, with some states seeing average premium increases of 40% or more, CNBC reported. Learn More: 2 Reasons New Car Prices Will Crash in 2025
The increase comes after auto insurance premiums grew at an “unprecedented rate” of 7.9% in 2022 and 5.9% in the first six months of this year, the report said. Add to that still high ...
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