According to the criteria of
A study published by the insurance companies’ quotation platform Insurify warns that Americans should be prepared for an upcoming increase in the cost of car insurance of at least 22 percent.
The reason for the increase in these entities It is due to significant damage caused by severe storms and forest fires which means greater risk for companies and therefore they charge their customers more.
AND in the particular case of Californiathe government decided to freeze insurance rates during the Covid-19 pandemic and Companies are now asking for double-digit increases to become profitable again.; some are even abandoning the market altogether.
Nationally, the increases are also related to higher risks, but also because there were record customer losses in 2023, a financial hit substantial enough to push for tariff increases in the first half of 2024.
Other reasons why costs continue to rise is that The cost of vehicle repairs and new cars has multiplied, In some cases, insurers are spending more than they earn, according to the report.
States in the United States where it is most expensive to purchase car insurance
According to the report of Insurify, Currently the average annual premium for full coverage for a car in the United States is US$2,329an increase of 15 percent compared to 2023.
It is expected that By the end of this year, full coverage will cost an average of US$2,469. However, each state has its own rules and risk factors, so the cost of premiums varies and these are the states where they are most expensive:
- Maryland, current average cost US$3,400.
- South Carolina, current average cost US$3,336.
- New York, current average cost US$3,325.
- Nevada, current average cost US$3,271.
- Florida, current average cost US$3,201.
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