WEST PALM BEACH, Fla. — Rates on car insurance are expected to rise again this year, but not as dramatically as they did in 2023, according to insurance website Insurify.
“Insurify projects prices will rise another 7 percent by the end of the year,” Chase Gardner, data manager at Insurify, said.
The 7% figure is a nationwide average. Last year the number was 24%.
More expensive accident claims, rising prices for vehicles, repairs and uninsured drivers have led to the increases from insurers.
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The Insurify report ranks Florida third in the nation for high premiums with an average of $2,917.
“One thing that Florida can do, a positive trend for Florida in the future is if the state is able to lower the number of uninsured drivers,” Gardner said.
“If more people have insurance, that will positively affect rates for everyone else,” he said.
The study also revealed that about 45% of those in the survey said they didn’t don anything to try and lower premiums, such as raising deductibles or changing insurers.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.