If it seems like car insurance rates are through the roof, it's not your imagination. The cost of full coverage car insurance increased 15% in the first half of 2024 despite experts predicting a slowdown in rate hikes, according to a new report by Insurify, an online insurance marketplace. In 2023, car insurance climbed 19% compared to the year prior, marking the biggest yearly increase since 1976. This year, insurance coverage in three states could increase by more than 50%.
According to Insurify data, the yearly average full-coverage premium is now $2,329. New Hampshire drivers pay the least for car insurance, at an average of $1,000 annually, and Maryland has the highest car insurance costs, with an average full-coverage rate of $3,400 annually.
