Americans will be paying almost $1,900 annually for car insurance in 2023, new data reveals. Based on research conducted for the Article, written by Mary Or “ Revealed – how much more will Americans be paying for car insurance in 2023”, in in the December 2022 Article of Insurance Business America Magazine.
Insurance Trends report for 2022, which includes insight into what is ahead for the industry in the coming year, is predicting that the average American driver will be paying 16% more for car insurance by the end of 2023 than they were at the beginning of 2022. This is a national average. Texas and Louisiana have historically, experienced higher insurance rates and residents in Texas and Louisiana can expect higher increases.
Car insurance cost the average driver $1,777 this year, representing not only a 9% increase from 2021 but a crushing 21% increase from car insurance rates in 2020.
Why?
Factors that have caused insurance premiums to create the-cost hike throughout 2023 are; the rising cost of car repair and medical expenses, higher driving rates, higher accident rates, and the potential for more frequent natural disasters. Our agency has been monitoring these trends and look for unique was to combat the rising cost of insurance for our clients. As members on several insurance carrier advisory boards, we have heard the same things – RATES WILL INCREASE in 2023. While most of our markets have taken modest increases in rate to combat inflation, we have seen markets like GEICO, take on huge increases.
What Can I Do? – I can’t afford huge increases in auto premiums
We understand that rate increases impact all our clients. We are here to help and will do whatever we can to assist in finding you the best value in the market for your auto insurance coverage. We are independent and work with hundreds of insurance carriers. Not all policies are the same, not all carriers are the same. We can search to find you a market that meets you and your family’s specific needs. Our carriers offer unique discounts and if you do not currently have your auto insurance with us, call us to see what we can do. Discounts include:
-Low Mileage
-Policy Bundling
-Telematics
-Occupational Discounts
-Education
-Multi-Car
-Driver Assist
-Good Grades (student drivers)
-Many more – too many to list
If you do not have your auto insurance with our agency and opened your auto insurance renewal to see a 10% – 20%+ increase, call our agency at 800-362-2809. If you have your insurance with our agency, rest assured, we are shopping to make sure you continue to receive the best value in the market through our agency. You can call or visit us at https://go.getagreatquote.com/autonew
Call us at 800-362-2809 – We have been here for 32 years and will be here when you needs us!