Auto Insurance Costs Set to Soar Even Further in 2024

Car insurances which are already a major contributor to inflation, are expected to skyrocket further this year. Data recently revealed warns that the average U.S. insurance will increase by 22%, pushing the average yearly cost to $2,469 by year’s end.

Drivers already felt the pinch in 2023, with premiums rising 24%, but the forecast for 2024 looks even grimmer. Insurers in California, Minnesota, and Missouri are poised to see the steepest increases, with rates projected to spike by more than 50%. California drivers could face a 54% surge, Minnesotans a staggering 61%, and Missourians a 55% hike.

As insurance costs continue to spiral, many are left wondering how much more they can absorb before hitting the brakes on car ownership altogether. The road ahead looks costly for America’s drivers.