Nevada Has Second-Highest Auto Insurance Rates in the Country, According to Insurify
Auto insurance rates have seen a significant jump over the years, and 2024 was no exception. Insurify recently reported that the price of car insurance premiums increased by 15% last year, with the average cost of full coverage rising to $2,313 annually for American drivers.
Here are the states where drivers paid the most for full coverage in 2024:
* Maryland – $4,060, up 53%
* New York – $3,804, up 53%
* District of Columbia – $3,399, up 24%
* South Carolina – $3,393, up 29%
* Florida – $3,166, up 9%
Experts say that a state’s population density and location play a significant role in auto insurance rates. In Maryland and Washington, D.C., urban settings contribute to higher rates due to the increased frequency of traffic-related accidents.
In New York, slower regulatory approval for rate increases has led to higher costs due to inflationary pressures and rising loss costs. South Carolina’s rates have increased due to inflationary pressures and rising repair costs, while Florida’s market is affected by a growing population, higher claims frequency, and weather-related events such as hurricanes.
These statistics highlight the rising costs of auto insurance and the need for policyholders to adapt to the changes in the insurance industry.
