Car insurance is getting more expensive. In 2024, the average annual premium for full-risk auto insurance in the United States will rise to US$2,543, an increase of 26% from the previous year. According to bank interest rate.
One car company said factors including longer repair times and higher rental costs were driving up prices. Report Developed by the American Property Casualty Insurance Association.
Additionally, car repairs are becoming more expensive.
“Over the last 12 months or so, we’ve been in an environment where essentially all insurance companies have raised premiums significantly,” said Stephen Crewdson, senior director of insurance business intelligence at JD Power. “This has led to an environment where consumers, the Insurers shopping for auto insurance find they can’t find an insurance company with lower premiums.”
Approximately 215 million Americans purchase auto insurance, with a market valuation of approximately $353 billionAccording to IBISWorld.
So, what other factors are behind soaring auto insurance rates and what impact rising premiums have on consumers and large public companies like Allstate, Progressive and Berkshire Hathaway’s Geico?
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