Car insurance rates soared in 2024; drivers in these states pay the most
Nevada ranked the second highest auto insurance rates in the country, according to Insurify.
Auto insurance rates have been soaring for years, and 2024 was no different.
Insurify reported this week that the price of car insurance premiums climbed 15% last year, with American drivers now shelling out an average of $2,313 annually for full coverage.
Auto insurance rates continue to soar across the U.S. (Sunny Tsai / Fox News)
Here's where drivers paid the most for full coverage in 2024:
Traffic on Interstate 95 (I-95) in Baltimore, Maryland, on Thursday, April 4, 2024. (Photographer: Nathan Howard/Bloomberg via Getty Images / Getty Images)
«Maryland's auto insurance rates tend to be influenced by its large population centers, such as Baltimore, and its proximity to Washington, D.C.,» Insurify VP of Carrier Management and Operations Betsy Stella told FOX Business. «With urban areas often experiencing higher claim frequencies due to congestion and traffic-related incidents, insurers in the state adjust their rates accordingly to reflect the increased risk.»
WILL HURRICANES AND WILDFIRES CAUSE INSURANCE PRICES TO RISE NATIONWIDE?
New York drivers saw their car insurance jump 53% last year, on average. (Gary Hershorn/Getty Images / Getty Images)
"New York has seen slower regulatory approval for rate increases, which has made it more challenging for insurers to keep pace with rising loss costs," Stella explained. «As a result, the state’s rate adjustments are more heavily influenced by inflationary pressures that have impacted the insurance industry in recent years, rather than immediate changes in claims frequency.»
Traffic on North Capitol street in Washington, DC. (Photo by Bill O'Leary/The Washington Post via Getty
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