Car insurance rates are expected to increase by 8.4% across the U.S. in 2023, the largest rate increase in six years, a new report finds.
Car insurance rates are expected to increase by 8.4% across the U.S. in 2023, the largest rate increase in six years, according to the report from research firm ValuePenguin.
Vehicle owners in 45 states will see their rates increase by at least 1%, with rates jumping the most in Illinois, Arizona and New Hampshire, the report said. The states that will experience a rate increase below 1% include California, Hawaii, Vermont and Wyoming.Car insurance companies Geico, Progressive and State Farm did not immediately respond to a request for comment.
The effect of an elevated volume of claims has been exacerbated by the heightened cost of car repairs since a supply chaincontinues to raise the cost of auto parts. A worker shortage adds labor costs too, Cate Deventer, an insurance writer and editor at Bankrate, told ABC News. The pandemic-related price pressures tied to pent up demand and supply shortages arrive roughly three years after the outbreak of the coronavirus. The average car insurance rate jumped only 1.3% last year, the report found.
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