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Author Topic: Car insurance premiums could skyrocket 50% in some states this year  (Read 931 times)

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Online mystery-ak

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Car insurance premiums could skyrocket 50% in some states this year
« on: August 28, 2024, 10:40:20 am »
 August 28, 2024 8:49am EDT | Updated August 28, 2024 8:53am EDT
Car insurance premiums could skyrocket 50% in some states this year
Car insurance rates are surging - and could spike over 50% in these states

By Megan Henney FOXBusiness

Car prices are finally on the down swing, but drivers are facing a new financial hurdle: Surging auto insurance premiums.

A new report published by Insurify, an insurance comparison shopping site, shows the average U.S. rate for full auto insurance surged to $2,329 in the first half of 2024. That marks a 15% increase from 2023 and a stunning 48% spike when compared with 2021.

By the end of 2024, the cost of coverage is expected to rise even further, to $2,469, according to the report.

The problem is even worse in some states, where prices are projected to rise more than 50% this year.

more
Car prices are finally on the down swing, but drivers are facing a new financial hurdle: Surging auto insurance premiums.

A new report published by Insurify, an insurance comparison shopping site, shows the average U.S. rate for full auto insurance surged to $2,329 in the first half of 2024. That marks a 15% increase from 2023 and a stunning 48% spike when compared with 2021.

By the end of 2024, the cost of coverage is expected to rise even further, to $2,469, according to the report.

The problem is even worse in some states, where prices are projected to rise more than 50% this year.

more
https://www.foxbusiness.com/economy/car-insurance-premiums-could-skyrocket-50-some-states-year
« Last Edit: August 28, 2024, 10:41:08 am by mystery-ak »
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Offline LMAO

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Re: Car insurance premiums could skyrocket 50% in some states this year
« Reply #1 on: August 28, 2024, 12:52:50 pm »
Fear not

Harris’s price controls and Trumps plan to drill for oil will fix it
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Offline DefiantMassRINO

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Re: Car insurance premiums could skyrocket 50% in some states this year
« Reply #2 on: August 28, 2024, 01:29:13 pm »
To futher distort the auto market to favor EV's, I wouldn't be surprised if some state regulators mandated lower car insurance rate's for EV's.

Insurance (rates) can be used as a tax or incentive to influence private behavior.
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Offline libertybele

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Re: Car insurance premiums could skyrocket 50% in some states this year
« Reply #3 on: August 28, 2024, 01:43:23 pm »
Quote from: DefiantMassRINO on August 28, 2024, 01:29:13 pm
To futher distort the auto market to favor EV's, I wouldn't be surprised if some state regulators mandated lower car insurance rate's for EV's.

Insurance (rates) can be used as a tax or incentive to influence private behavior.

Good point.  Our homeowner's insurance and flood insurance have just about doubled in the past 5 years ... I guess auto insurance is next.
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Online cato potatoe

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Re: Car insurance premiums could skyrocket 50% in some states this year
« Reply #4 on: August 28, 2024, 02:52:20 pm »
Quote from: libertybele on August 28, 2024, 01:43:23 pm
Good point.  Our homeowner's insurance and flood insurance have just about doubled in the past 5 years ... I guess auto insurance is next.

Homeowner insurance is understandable.  DeSantis needs to work with the legislature to reform auto insurance.  Pretty soon half of the drivers are going to be uninsured.
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Offline IsailedawayfromFR

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Re: Car insurance premiums could skyrocket 50% in some states this year
« Reply #5 on: August 28, 2024, 02:54:32 pm »
Quote from: DefiantMassRINO on August 28, 2024, 01:29:13 pm
To futher distort the auto market to favor EV's, I wouldn't be surprised if some state regulators mandated lower car insurance rate's for EV's.

Insurance (rates) can be used as a tax or incentive to influence private behavior.
Or to subsidize the rich, almost the only ones who can afford those EVs
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Re: Car insurance premiums could skyrocket 50% in some states this year
« Reply #6 on: August 28, 2024, 03:07:38 pm »
Quote from: cato potatoe on August 28, 2024, 02:52:20 pm
Homeowner insurance is understandable.  DeSantis needs to work with the legislature to reform auto insurance.  Pretty soon half of the drivers are going to be uninsured.

No He needs to stay out of it and let the market sort it out.   The last Gov who tried to 'Fix" the insurance issue in FL F'd it up so bad it drove rate's thru the roof after an initual 2-3 rate decrease.

Look up Charlie Crist (human Q-Tip)
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