Live Insurance News

Car Insurance Costs Explode in 2024 with an Overall Jaw-Dropping 26% Hike

August 21, 2024August 20, 2024 H. Cutner

Car Insurance Premiums Surge in 2024 Car insurance premiums skyrocketed by an average of 26% in 2024, pushing the national average cost for full coverage to a staggering $2,543 per year. This marks a significant rise from $2,014 in 2023 and $1,771 in 2022. Several factors contribute to this surge: The Bureau of Labor Statistics notes that while overall annual inflation was 3.2%, car insurance rates spiked 20.6%. States differ in rate increases, with New Jersey and Missouri seeing hikes of 45.69% and 44.16%, respectively. Florida and California remain among…

Auto insurance rates aren’t likely to drop with inflation

February 8, 2023February 9, 2023 G. Turner

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

Lying on car insurance applications is common in the hopes of saving money

May 19, 2022May 15, 2022 Nordstrom

Research shows that Americans regularly lie on the details they submit to their insurers. Americans will often lie on their car insurance applications in the hopes of saving money, according to a Finder.com study. The data from the study showed that 35.8 million Americans fudge their details to get lower rates. The study determined that the 35.8 million people across the country lie on their applications to try to lower the car insurance premiums they must pay. Moreover, the number is considerably higher than what it was in 2020, when…

State Farm teams up with Ford for usage-based insurance

February 25, 2022February 23, 2022 Live Insurance News

The Drive Safe & Save Connected Car program will use telematics tech to adjust premiums. State Farm and Ford have announced that they have jointly launched a usage based insurance (UBI) program for drivers called the Drive Safe & Save Connected Car. The UBI program is available to drivers of connected Ford or Lincoln vehicles. State Farm customers driving the eligible connected Ford vehicles can choose to opt in for usage based insurance. The UBI program uses telematics to adjust premiums to reflect that vehicle’s mileage and its drivers’ unique…

Task force takes on Louisiana auto insurance rates to improve affordability

December 26, 2018December 25, 2018 Logan B.

Louisiana Auto Insurance Rates - Car - driving

Research shows that drivers in the state pay some of the highest car insurance premiums in the country. Louisiana auto insurance rates are among the least affordable in the United States, according to a recent Insurance Research Council (IRC) study. The study was titled: “Auto Insurance Affordability: Cost Drivers in Louisiana”. That said, the Louisiana High Auto Rates Task Force has been working on the challenge of improving affordability since August. The task force has met several times to address the causal factors and propose solutions to the issues. The…