Posted 4/10/2024, 10:29:25 PM
Increased Costs Lead to Biggest Rise in Auto Insurance Rates Since the 1970s
- Auto insurance costs surged 22% year-over-year in March, the biggest jump since 1976
- Average auto insurance rates have increased 43% in recent years and now average $2,314 per year for full coverage
- New vehicles now cost $10,000 more than pre-pandemic due to supply chain issues and advanced technology
- Insurers faced large losses during the pandemic and are increasing rates to recoup costs
- Insurance rate hikes are expected to continue into 2024 before potentially stabilizing
