Summary
Car insurance costs have gone up significantly, with premiums increasing by 55% on average since February 2020. Several factors contribute to the rise, including expensive car parts, costly repairs, and higher medical bills from accidents. In response, many drivers are shopping around for better rates and making adjustments to their budgets to manage these costs.
Key Facts
- Car insurance premiums have risen by 55% since February 2020.
- The increase in costs mainly happened between 2022 and 2024.
- Higher expenses for car parts and medical bills are among the reasons for the increase.
- Drivers are shopping for insurance more than ever since 2020.
- Over 58% of drivers find insurance costs to be a financial strain.
- More than a third of drivers avoid filing claims to lower their insurance costs.
- The percentage of uninsured drivers increased from 12.4% to 15.4% between 2018 and 2023.
