On average, personal auto insurance rates have been dropping nationwide. However, premiums for coverage can swing wildly depending on the state, from an average low of $274 to a high of nearly $2,000, according to WalletHub.com.
While location plays an important role in rates, there are ways to lower premiums, including buying a car that is cheaper to insure. Of course, risky behaviors also factor into insurance premiums. For example, DUIs will hike rates by about 103%, and a suspended license will cost about the same, carrying a 97% increase on average.
The personal finance site also surveyed insureds and found 61 million of them reduced their car insurance coverage because of COVID-19. Further, 55 million Americans report second-guessing automobile ownership because of the pandemic. As a result, 94 million U.S. consumers plan to drive less in the future.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
