SALT LAKE CITY (KUTV) — Automotive insurance coverage premiums are hovering to start out 2024.
New information from Bankrate, launched Monday, reveals the nationwide common for automobile insurance coverage has risen 26% from final 12 months.
With common charges at $2,014 in early 2023, they’re now at $2,543.
That is an additional $500 a 12 months for full protection.
Analysts at Bankrate say that is about 3% of the median family revenue.
MORE: Ideas for Utahns to economize on rising automobile insurance coverage premiums
There is a listing of causes for the surge, and inflation elements in.
“Your insurance coverage premium form of stays locked at a charge for six to 12 months relying in your contract,” mentioned Bankrate Analyst Shannon Martin. “And it is also paying for losses that we skilled earlier, proper? So although inflation is slowing down, your premiums are based mostly on prior losses principally. Um, and a few issues have stayed elevated. The price of automobile repairs is 20% greater now than they had been earlier than the pandemic.”
Specialists counsel now could possibly be an excellent time to buy a brand new coverage, however you will seemingly see excessive charges throughout.
