If you think your food bill is high then look at your car insurance.
Bankrate estimates the national average cost of full coverage car insurance in 2024 increased by 26% to $2,543, up $529 from a year earlier. That’s six times faster than overall inflation and more than any food item at the grocery store, including eggs, over the past three years, according to insurance comparison site Jerry.
And the rise isn’t over, analysts say.
“There is likely further pain ahead,” Jerry said in a report.
Which states have the most expensive car insurance?
According to Bankrate, the states with the highest average annual premium are:
Lower your auto insurance costs: Find the best car insurance of 2023
◾ Florida: $3,945
◾ New York: $3,840
◾ Louisiana: $3,618
The states where people are spending the largest percentage of their income on car insurance, or what Bankrate calls the “true cost,” are:
◾ Louisiana at 6.53%, up 1.76% from 2023
◾ Florida at 5.69%, up 0.79%
◾ Michigan at 5.01%, up 1.51%
Note: Louisiana and Florida tend to rank high because both experience frequent catastrophic claims from extreme weather, Bankrate said.
Allstate began selling direct auto insurance again on Feb. 7 in California after receiving approval in December for a rate hike, but rates are up to 30% higher, it said in an earnings conference call last week.
Allstate, along with other insurance companies, had halted new direct auto insurance sales due to increased costs in…
