Car insurance rates soared in 2024; drivers in these states pay the most
Published On Feb 3, 2025, 6:00 AM
In 2024, car insurance premiums rose significantly across the United States, with an average increase of about 15%, bringing the national average for full coverage to approximately $2,313. Maryland and New York faced the highest rates, at $4,060 and $3,804 respectively, both experiencing a 53% increase. Factors contributing to these spikes include urban congestion, delayed regulatory approvals, inflation, and rising repair costs. Major influences on rates include traffic density in urban areas and a growing number of severe insurance claims in states like Florida and South Carolina.
Stock Forecasts
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With the increasing insurance rates, the profitability of insurance companies is likely to improve, making them more appealing for investment. Companies in these states particularly affected, like Geico, Progressive, and others, are likely to adjust their pricing models accordingly, potentially leading to an increase in revenue and stock value.
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