PROVIDENCE – Car insurance premiums are expected to soar this year, especially in Rhode Island, which boasts the third-highest annual cost of any state, according to a new report from consumer-research website ValuePenguin.
The average auto insurance cost in Rhode Island in 2023 is $2,748, the third-highest among all states, according to the State of Auto Insurance in 2023 report. A majority of states – 45 – will see their average auto insurance rates rise this year, up 8.4% on average from 2021 to 2022 (affecting what drivers pay in 2023) the report stated.
Rhode Island’s year-over-year increase is slightly smaller – 7.1% – but the annual payment is one of the most costly nationwide, about 53% over the national average, the report stated.
The higher insurance costs reflect increases in car repair costs and claims as driving picks back up after the pandemic, the report stated.
The report reflects analysis of insurance rate data from insurer filings from the largest companies in each state.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
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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.