Personal auto insurance rates are expected to increase as 2022 unfolds, with sources reporting lifts ranging from 5% to a more modest 0.6% being projected by Valuepenuin.com. The average cost of auto insurance is expected to reach $1,935 annually
However, rates are still below pre-pandemic levels, according to Divya Sangam, insurance spokesperson for ValuePenguin.com. She noted that prior to 2020, premiums growth was average 5%-6% and rates increased every year from 2011-2020.
Valuepengiun.com also ancitipates the impact from the omicron variant to be minimal on auto rates as insurers are unlikely to give out further COVID-19-related discounts, barring a nationwide lockdown.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
