Car Insurance Rates on the Rise According to New Report

While car prices are finally starting to ease, drivers now face a new financial challenge: car insurance hikes. Based on a recent report by Insurify, the median rate for full coverage car insurance has risen to $2,329 this year. This represents a 15% uptick from last year and a staggering 48% rise since 2021.

But the bad news doesn’t stop there. The report states it’s possible by year’s end, the average premium will climb even higher, reaching $2,469. With some states facing even tougher battles, with costs expected to surge by over 50% this year alone.

As drivers celebrate the relief of declining vehicle prices, they must now contend with this unexpected financial burden, making it harder for many to enjoy the benefits of lower car payments.