fbpx
Thursday, 18 November 2021 18:18

Report: 12% Increase in Car Insurance Rates from 2020 to 2021

Index

Share This:

 

Car insurance comparison platform Insurify has released its second annual "Insuring the American Driver" report, revealing a 12% increase in car insurance costs in 2021 compared to 2020.

The average American driver is now paying $1,633 a year for coverage---a price the report projects will rise 5% to just over $1,700 in 2022.

 

Insurify’s research team analyzed more than 40 million car insurance quotes across the U.S. to detail recent trends in auto insurance and driving behavior and to examine how COVID-19 continues to affect each of these areas.

 

As part of its analysis, the report explores current rates of reckless and aggressive driving behaviors, an unsettling trend that surged during the COVID-19 pandemic, showing such patterns continue to persist past the lifting of restrictions and lockdowns.

 

For example, driving-related fatalities per mile driven increased 26% in the period between March and May 2021 compared to the same period in 2019---a level only 3% lower than 2020 highs. As traffic levels gradually return to pre-pandemic levels, heightened fatality rates that marked the pandemic are remaining elevated.

 

“With inflation over 5%, driving rates returning to pre-pandemic levels and rising collisions, there are many factors leading to increased auto insurance prices,” said Kacie Saxer-Taulbee, head of research and content at Insurify. “Even when you set aside economic factors, drivers are expressing a distinct difference in...


Previous Page Continue reading »

Read 128 times