Car insurance premiums have increased significantly, with the average 12-month premium reaching $1,280 in 2023, up from $1,072 in 2019 before the pandemic.
Rising car costs are a key factor contributing to the high insurance premiums as insurers need to adjust coverage based on the more expensive value of vehicles.
Pandemic disruptions have made it challenging for insurers to predict future costs, resulting in a backlog of filings and delayed premium increases until drivers resumed regular activities.
Insurance premiums are likely to continue rising as insurers seek to recover from past losses, potentially impacting inflation levels and leading to sustained high-interest rates.
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