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Explore the developments 2024 is expected to bring to the P&C insurance industry, including details on the latest insurtech trends as well as insights specifically relevant to clients in specialized fields such as winemaking and aviation.

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A man drinks tea in front of his computer as he researches auto insurance. On average, drivers across the U.S. are paying $165 per month ($1,984 annually) for auto insurance as we begin 2024. Photo: Rawpixel.com/Shutterstock.com

Despite already seeing a jump of 11.2% in 2023, ValuePenguin predicts rising repair costs and severe weather will drive auto insurance rates to increase another 12.6% in the United States in 2024. Premiums have been trending upward over the last several years, and have increased 29% overall since 2018, and 25% in just the last two years.

On average, drivers across the U.S. are paying $165 per month ($1,984 annually) for auto insurance as we begin 2024, though costs vary significantly state-to-state. Michigan drivers currently pay the most for their auto coverage at an average of $386 per month, which is 134% above the country’s average.

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Brittney Meredith-Miller

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

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