Auto Insurance Premiums See Largest Annual Jump in 50 Years as Costs Soar

• Auto insurance premiums have risen 20.6% over the past year, the largest jump since 1976 • Costlier vehicles and repairs are pushing premiums higher as car and truck prices increase • Average annual premium for full-coverage car insurance is $2,543 in 2024, up from $2,014 in 2023 and $1,771 in 2022 • Inflation has fallen from 2022 highs, but consumer sentiment remains sour partly due to visible price hikes like auto insurance • Spike in car insurance premiums has dampened the "mission accomplished" mood on inflation earlier this year