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"Average claims severities continued to rise in 2023 due to higher auto repair parts prices, labor costs, and medical inflation," the insurer said in parent Berkshire Hathaway's 2023 annual report ...
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.
Many car insurance companies filed for rate increases in 2023. While average rates have risen in every state, the car insurance company you purchase insurance from will determine how much you pay ...
The increase comes after auto insurance premiums grew at an “unprecedented rate” of 7.9% in 2022 and ... told NPR this week that auto insurers paid $1.12 in claims last year for every $1 they ...
Auto insurance rates have been on the rise. 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 ...
Since auto insurance premiums are designed to account for the potential costs if the car insurance company has to pay for a repair, higher repair costs translate into higher premiums.