In a recent survey from CarInsurance.com, more than half of drivers (57%) claimed their car insurance rate went up in the last 12 months. In fact, 32% of these drivers claimed their rates increased by at least 10%, leading many to shop around and buy insurance from a different carrier. About a quarter of respondents left Allstate, 22% left Geico and 21% left Progressive.
Forty-three percent of drivers believed the increase in auto insurance rates was due to inflation. Auto insurance rates, according to the Consumer Price Index, have risen 14.7% from January 2022 to January 2023, and rates are predicted to keep going up. Currently, according to Bankrate, full coverage car insurance costs an average of $2,014 per year, or $168 on a monthly basis. In their 2023 First Quarter Report, Progressive says they are “re-evaluating our rate plans and intend to be aggressive with raising rates over the remainder of the year."
