Insurance Rates Soar in 2023 Due to Inflation, Costing Families Hundreds More Per Year

Insurance rates across auto, health, and other sectors are increasing in 2023 due to inflation and other factors.

Auto insurance premiums rose 19% in August 2022 compared to 2021. Companies can raise rates based on education, credit, and other personal factors.

The average family health insurance premium rose 7% in 2023 to over $6,500 per year. This is about $500 more than 2022 premiums.

Health experts predict another increase in insurance rates in 2024 as costs continue rising and companies catch up on care delayed during COVID-19.

Consumers can shop insurance rates, file complaints, and explore state regulations to find the best coverage at reasonable rates for their needs.