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Rossen Reports: Find out how much auto insurance is increasing in your state
A new report from Bankrate shows how much car insurance has increased this year in its “True Cost of Auto Insurance in 2024”…and the numbers are pretty shocking. The national average cost for full coverage car insurance is about $2,543 annually. That’s increased 26% over last year, when it was $2,014 and $1,771 in 2022.Adding a teen driver to your policy is costing us an average increase of $2,878 this year. That means, you could be paying an average of $5,421 in auto insurance every year. With a national median household income of $74,580 according to the latest data from the U.S. Census Bureau, Americans spend 3.41 percent of their income on car insurance.Want to see where your state lies in the car insurance increase? Click here to read the full report from Bankrate. Bankrate’s analyst Shannon Martin says, “While inflation is slowing down, insurance companies are reassessing their risk models to account for the post-pandemic rise in car crashes, the increase of claims from extreme weather and the sustained elevated cost of vehicle repairs. Remember that base rate increases can only be implemented at the renewal period, so some policyholders are still paying for the increase from 2023, and have yet to be hit with potentially higher 2024 rate renewals.” How can you beat it? Here are some tips from the experts:Be a better driver! Drivers with speeding tickets or at-fault accidents on their record may be deemed high-risk and pay more for insurance.If you’re driving fewer miles in a year, report it to your insurance company. Some do odometer reading programs and they might be able to lower your premium. Contact your insurance company about taking a defensive driving course to take a couple hundred dollars off your bill.**Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment “Rossen Responds”. Email your questions to him at RossenResponds@hearst.com.**
A new report from Bankrate shows how much car insurance has increased this year in its “True Cost of Auto Insurance in 2024”…and the numbers are pretty shocking. The national average cost for full coverage car insurance is about $2,543 annually. That’s increased 26% over last year, when it was $2,014 and $1,771 in 2022.
Adding a teen driver to your policy is costing us an average increase of $2,878 this year. That means, you could be paying an average of $5,421 in auto insurance every year.
With a national median household income of $74,580 according to the latest data from the U.S. Census Bureau, Americans spend 3.41 percent of their income on car insurance.
Want to see where your state lies in the car insurance increase? Click here to read the full report from Bankrate.
Bankrate’s analyst Shannon Martin says, “While inflation is slowing down, insurance companies are reassessing their risk models to account for the post-pandemic rise in car crashes, the increase of claims from extreme weather and the sustained elevated cost of vehicle repairs. Remember that base rate increases can only be implemented at the renewal period, so some policyholders are still paying for the increase from 2023, and have yet to be hit with potentially higher 2024 rate renewals.”
How can you beat it? Here are some tips from the experts:
- Be a better driver! Drivers with speeding tickets or at-fault accidents on their record may be deemed high-risk and pay more for insurance.
- If you’re driving fewer miles in a year, report it to your insurance company. Some do odometer reading programs and they might be able to lower your premium.
- Contact your insurance company about taking a defensive driving course to take a couple hundred dollars off your bill.
**Have a question for Jeff Rossen? He’s answering your consumer questions every Friday in the new segment “Rossen Responds”. Email your questions to him at RossenResponds@hearst.com.**
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February 09, 2024 at 01:03AM
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Rossen Reports: Find out how much auto insurance is increasing - WBAL TV Baltimore
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