Car Insurance Costs See Largest Yearly Jump in Decades, Pricing Many Americans Out of Coverage
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Car insurance costs surged 19% in 2023, the biggest yearly increase since 1976, making coverage unaffordable for many Americans.
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45% of 18-34 year olds have considered going without insurance due to high costs, and 17% are already uninsured.
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Pandemic-related increases in accidents and repair costs have caused rates to skyrocket.
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Dropping insurance can be risky and lead to greater expenses if an accident occurs.
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Widespread lack of insurance could raise premiums for those remaining insured and hurt the broader economy.