The first half of the year saw average auto insurance premiums increase double-digitals across the country, according to Insurify, as insurance companies continued contending with record-breaking losses, inflationary pressures and growing repair costs. Recent research from J.D. Power shows that the growing cost of auto insurance is already causing some drivers to drop coverage altogether. This rate of growth is also driving a record number of policyholders to shop around for coverage. Additionally, Insurify found that 51% fewer U.S. drivers are currently seeking full-coverage auto insurance, while 86% are seeking liability-only coverage. "Vehicle repair and maintenance costs have outpaced inflation and show no signs of slowing, leading insurers to increase auto insurance prices to keep up with the cost of higher claim payouts," Allie Feakins, Insurify's senior vice president of insurance, said in the company's mid-year report. "Given the lag between regulator approvals and actual rate increases, consumers can expect rates to increase over the next 12 to 18 months. It's more important now than ever to comparison shop." The above slideshow reveals the 10 states with the highest average auto insurance premiums nationwide, according to Insurify. Related: |
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
