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The average cost of car insurance rose more than 25% in 2024, with some states seeing average premium increases of 40% or more, CNBC reported. Learn More: 2 Reasons New Car Prices Will Crash in 2025
The national average cost of full coverage car insurance climbed 26 percent from 2023 to 2024, leaving many drivers wondering why coverage has gotten so expensive.
Between February 2023 and February 2024, car insurance costs went up by 21%. So for example, a car insurance premium that cost $300 per month in February 2023 might cost $363 per month one year later.
In Louisiana, auto insurance costs are the highest in the nation on a per capita basis, with 4.7% of the median household's income going toward car insurance, Insurify noted.
According to one report, full coverage auto insurance rose by 26% in 2024 for the average driver. Even U.S. Consumer Price Index (CPI) data found that car insurance rates increased by 21% in the ...
California is as car crazy as ever, with insurance rates increasing to match. Data analyzed by the insurance comparison website Insurify showed the average annual cost of full coverage in ...