Auto insurance is anticipated to cost 5% higher in 2022 than in 2017. Here's where it's cheapest and priciest.
The most costly state for car insurance is Michigan, at $2,858 annually.
Hawaii drivers pay the least, on average, $824.
There are several strategies to minimize your auto insurance costs.
Auto insurance, like many other things, is on the rise.
According to Insurify, the average yearly cost of car insurance will rise 5% to $1,707 in 2021 from $1,663.
"Our 2022 projection is on track with predicted inflation rates and factors in the continuous rise in risky driving behaviors," stated Tanveen Vohra, Insurance Specialist at Insurify.
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Inflation is affecting numerous elements of American life, from food to cars and gas. The newest numbers show annual inflation rising 6.8%, well beyond the Fed's target of 2%.
According to Insurify's analysis, Americans traveled 32% more miles in March, April, and May of 2021 than in March, April, and May of 2020, when early pandemic shutdowns reduced car traffic.
"Suggesting that risky driving practices developed during initial pandemic shelter-in-place directives have remained well after the commencement of the pandemic," the paper states.
Of course, the precise price you pay depends on your car's make and model, your coverage selections, your driving record, and sometimes even your credit score.
Location is vital. The most costly state for vehicle insurance is Michigan, at $2,858 per year, followed by New York and Rhode Island at $2,321 each.
Hawaii has the cheapest average annual cost of $824. North Carolina ($924), Maine ($945), and Vermont ($945) follow.
Moreover, drivers in metropolitan regions ($1,666 year) pay more than rural drivers ($1,472 annually). A single prior traffic offense can raise your premiums by an average of 35%.
There are alternatives to reducing coverage or raising deductibles.
Bundling your vehicle and house insurance might save you up to 8% annually, according to Insurify.
Military personnel can save 2.2%. Taking a driver safety course as an older American can save you up to 15.2%.
"The easiest method to find a reduced cost is to shop about and acquire estimates from multiple insurers," Vohra added.
Insurify's research used data from over 40 million auto insurance premiums.
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