Posted 4/12/2024, 12:00:00 PM
Auto Insurance Costs Skyrocket, Hitting $2,314 Average as Rates Surge 24%
- Auto insurance premiums surged 24% from 2022 to 2023 to an average of over $2,000 per year, the fastest rate on record
- Factors driving increases include higher vehicle prices, repair costs, mechanic shortages, and insurance companies recouping 2021 losses
- Premium hikes adding to high inflation and financial pressure on US households
- Average cost for full coverage auto insurance hit $2,314/year in April 2023
- Situation expected to worsen before improving due to ongoing inflation and supply chain issues
