Mar 1, 2024 - Business

Charted: More rate rises...

Data: Insurify; Note: Based on Insurify's database of 97 million rates from car insurance applications over the past five years. Full-coverage premium averages include bodily injury limits between state minimums and $50,000, property damage limits between $10,000 and $50,000, and comprehensive and collision coverage deductibles of $1,000; Chart: Axios Visuals
Data: Insurify; Note: Based on Insurify's database of 97 million rates from car insurance applications over the past five years. Full-coverage premium averages include bodily injury limits between state minimums and $50,000, property damage limits between $10,000 and $50,000, and comprehensive and collision coverage deductibles of $1,000; Chart: Axios Visuals

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.
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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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