Car insurance rates increased in 2024

Writer: Elyssa Morataya
Published: Updated:
woman calculating money and receipts using a calculator
Photo by Karolina Grabowska on Pexels.com

According to a consumer financial report from BankRate, car insurance rates have risen more than 26% this year.

Some of the main causes for the rate increase are inflation, weather and population density, according to the BankRate report.

Currently, Florida has the highest average rate in the country.

Full coverage in Florida will cost you around 55% more than the national average.

In Florida, full coverage is around $4,000 or $329 a month.

Minimum coverage, according to the national average, will cost you about $1,300 or $109 a month.

The Insurance Information Institute adds that it costs more to fix and replace damaged or stolen cars.

Variables such as the car you have, your driving history, your credit score and even where you live can influence how much you pay.

Traffic violations and accidents can increase rates, so experts say it’s important to keep a clean driving record.

Some companies even offer incentives, and will give customers discounts for safe driving.

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