Posted 3/13/2024, 8:51:00 PM
Car Insurance Rates Spike 21% Nationally, The Largest Yearly Increase in Five Decades
- Car insurance rates up 21% in the past year, the biggest increase since 1976
- Cost to repair cars is up 6.7% due to more expensive parts and higher mechanic wages
- More severe and frequent accidents leading to a rise in claims
- Rate increases vary widely by state, with Nevada seeing the biggest jump at 38%
- Experts expect national rate increase trends to moderate in 2024 but some local markets will likely see further hikes
