Drivers won't see a break on their insurance this year, with the average cost of a policy rising almost 14%, according to a new analysis.
, but drivers won't see a break on their insurance this year, with the average cost of a policy rising almost 14%, according to a new analysis.
The higher insurance costs come as car buyers are facing higher interest rates on auto loans, while car prices have also inched higher. The typical monthly payment for a new car is now $717, 37% higher than five years ago, according to Edmunds. In general, a driver's car insurance rate is based on the age and make of the vehicle, the person's driving record, city of residence and other factors. Bankrate also found that adding a teenager to the policy, getting a speeding ticket and being convicted of drunk driving often raises car insurance costs.
Another reason Florida is pricey: Interstate 4, which connects Tampa to Orlando, is one of the deadliest routes in the nation, according toand highway safety experts. Florida is a high-population state where tourists are often driving vehicles, which also plays a role in the state's rates, Deventer said.