Drivers already struggling with skyrocketing car insurance costs should prepare to absorb another increase before the year’s end, a recent survey said.
The national average cost of a car insurance policy is $1,668, representing about 2.4% of the average household income.
With the additional increase, the average annual auto insurance price will rise to $1,742 by the end of 2023. By comparison, rates increased by 12% in 2022 and dipped slightly in 2020 and 2021 due to reduced claims filed by COVID-19 lockdowns.