Mar 1, 2024 - Business
Charted: More rate rises...
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Car insurance rates aren't rising at last year's torrid pace, but they're still poised to exceed inflation again in 2024, Nathan writes.
The big picture: Pandemic-era jumps in vehicle prices, more frequent severe weather and increasingly risky driving patterns have driven up insurance rates.
- "It's starting to have a huge impact on American drivers," Insurify data insights manager Chase Gardner tells Axios.
By the numbers: Average full-coverage annual insurance premiums will rise 7% to $2,160 in 2024, Insurify projects.
- That's a record high, but the rate falls short of 2023's 24% spike.
Yes, but: Rates differ dramatically by state.
- Rates are the highest in New York, Nevada and Florida at an average of $3,374, $2,975 and $2,917, respectively.
- The cheapest are New Hampshire, North Carolina and Maine, all under $1,200.
