Sunday, January 29, 2023

Auto insurance will increase by an average of 8.4% in 45 states in 2023

The year is just beginning and it is already known that various industries are planning to raise prices, such as car insurance, which Plans for an average 8.4% increase in premiums in 2023, followed by a modest 0.6% increase in 2022In 2023 as per ValuePenguin information.

ValuePenguin, a LendingTree Company, provides information to empower consumers with the tools and resources to make better financial decisions.

The company says it is expected The average cost of auto insurance reaches $1,780 per year, and 45 states will increase their auto insurance premiums by 2023 by at least 1%.

According to the report, residents of Michigan, Florida and Rhode Island will pay the highest premiums, while Premiums for drivers with moving violations to increase by an average of 52% in 2023,

Insurance for new electric vehicles will be 28% higher than for new gasoline cars. Porsche Taycan ($3,576) and Tesla Model Y ($3,110) will have the highest insurance premiums in 2023,

ValuePenguin.com insurance expert Divya Sangameshwar says the days of pandemic premium cuts and refunds are behind us now that drivers are back on the roads, and she Millions of Americans May Be Surprised When They Receive Their 2023 Statements,

“This year’s auto insurance rate hike Highest rate hike since 2017Sangameshwar commented. “After two years of keeping rates low for drivers, auto insurance companies are raising rates in 2023 because of rising auto repair costs and claims.”

ValuePenguin states that as insurers feel the pressure of inflation, auto insurance premiums will increase, and some states will feel it much more than others. Among the 45 states expected to raise premiums are: Illinois, with the biggest jump of 17%, followed by Arizona (15.6%) and New Hampshire (13.6%),

As in previous years, Michigan will continue to have the most expensive premiums at $4,788, followed by Florida ($2,856) and Rhode Island ($2,7480). While traffic violations will cost more in North Carolina, California will increase your premiums by more than 100%

ValuePenguin recommendations for getting the best price on auto insurance Compare quotes, check what discounts the insurer offers as per the driver’s profileConsider low-mileage rates as well as discounts for combining home, auto and other policies. Remember to adjust your coverage as well, as liability auto insurance is 157% cheaper than full coverage auto insurance.

For more information on the report, click here.

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Nation World News Desk
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