The average cost of full car insurance went up 26% in 2024. Here are the states with the biggest increase

By flymultimediaghana Mar11,2024
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The average cost of comprehensive auto insurance went up by 26% in 2024. The states with the biggest increases are these ones.

The average cost of full car insurance went up 26% in 2024. Here are the states with the biggest increase
The average cost of full car insurance went up by 26% in 2024. Here are the states with the biggest increase

Drivers are looking for ways to reduce the cost of owning a car because auto insurance is becoming more and more expensive. In fact, a Bankrate analysis states that the average annual premium for full-coverage auto insurance increased by 26% to $2,543 in 2024.

Where did the cost of full-coverage insurance go up the most?

  1. The average driver in the country pays 3.41% of their income for full auto coverage. However, in a lot of jurisdictions, drivers pay a lot more of their salary for auto insurance. Drivers in Florida, for example, pay 5.69% of their income on full-coverage auto insurance; drivers in Michigan spend 5.01%; and drivers in Nevada spend 4.91%. Nonetheless, Louisiana is the state where motorists allocate the most portion of their earnings—6.53%—to full-coverage insurance.

The national average of how much of their income a driver spends on full auto coverage is 3.41%. But in many states, drivers devote far more of their income towards car insurance. For instance, Floridian drivers spend 5.69% of their income on full-coverage auto insurance, Michigan drivers spend 5.01% of their income, and those in Nevada spend 4.91%. Louisiana, however, is the state where drivers spend the most of their income, putting 6.53% toward full-coverage insurance.

A natural instinct could be to go with minimum coverage when the expense of auto insurance starts to strain your finances. Ultimately, the cost savings may be substantial. The average monthly premium for full-coverage auto insurance, according to the research, is $212, while the monthly premium for basic coverage is only $62.

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However, if you are determined to be at fault in an accident, having inadequate coverage may leave you financially exposed. It’s best to look into alternative cost-saving options and obtain the coverage you require.

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Ways to Reduce Auto Insurance Costs

Make sure you’re getting the best deal possible if you want to reduce the cost of your auto insurance. It might be necessary to change auto insurance companies for that. To find out if a different company might offer lower rates for the amount of coverage you need, call and get several quotations.

Geico Auto Insurance

Geico Auto Insurance
  • highlights in policy

    All 50 states, as well as the District of Columbia, provide Geico coverage and services, and there are sixteen distinct kinds of discounts available. Geico provides a number of optional add-ons in addition to the regular coverage options, including mechanical breakdown insurance, emergency roadside assistance, and rental car reimbursement.

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