After a year of rate hikes in 2023, car insurance prices will continue to increase well into 2024 but at a slower pace than last year, according to Insurify’s latest Insuring the American Driver report.
Data sourced directly from Insurify, America’s top-rated insurance comparison platform, showed the average cost for a full-coverage car insurance policy rose to $2,019 last year — a shocking 24% increase — as insurance companies grappled with profitability amid supply chain issues and climate change.
The report predicts a decrease in the intensity of price hikes in 2024, with a projected 7% increase and abatement in
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