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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.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
