[gallery size="full" ids="232430,232429,232428,232427,232426,232425,232424,232423,232422,232421"]
More severe accidents, repair costs driven higher by inflation and destructive severe weather events and natural disasters are just a few of the factors that drove personal auto insurance premiums up an average of 9% in 2022, and a recent report from Insurify projects drivers could see another 7% premium increase in 2023.
According to Forbes Advisor, drivers are paying an average of $1,601 each year for full coverage auto insurance – which, in this instance, includes liability, collision, comprehensive and uninsured motorist coverages. Those who opt to go with state-minimum liability car insurance pay an average of $513 in annual premiums.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
