Car insurance rates just had their biggest annual jump in 47 years.

CNN published an insightful article detailing the surge in auto insurance premiums. We’ve condensed the key points for you, but for a more in-depth read, check out the full article via the link below. Fortunately, Western PA has experienced smaller increases compared to other parts of the country. However, our rates are still influenced by trends in other regions, and losses have seen an uptick locally.

The reason we are an independent insurance agent is that we have options. We are able to shop all of our carriers to find the right coverage at the best price. If one insurance company stops writing business, we have 15 more that are still writing insurance. If you are seeing an increase on your insurance, call, email, or complete the form below to see if we can help.

  • The cost of car insurance in the United States has risen by 19% compared to the previous year, marking the most significant annual increase since 1976, according to the August Consumer Price Index report.
  • Florida, where extreme weather events are more frequent, is experiencing even higher increases in car insurance costs. Insurers in the state are covering more claims due to weather-related incidents, leading to higher losses and subsequent rate hikes or withdrawal from states prone to extreme weather.
  • Residents like Kyle Barone in Jacksonville, Florida, have seen substantial increases in their insurance premiums, with hurricanes cited as a primary factor. Florida currently has the highest average annual cost for full-coverage car insurance, reaching $3,183, a 15% increase from 2022.
  • Nationwide notified drivers in states unaffected by recent extreme weather, like Maryland, of rate increases. While insurers attribute rising costs to inflation and supply chain issues, some drivers question whether weather-related events in other areas impact their rates indirectly.
  • Increased car prices, repair and medical costs, and riskier driving behavior are contributing factors to the surge in auto insurance rates, with insurers experiencing losses averaging 12 cents for every premium dollar in 2022, according to S&P Global Market Intelligence. The impact of extreme weather on rates may extend beyond directly affected states due to the complexities of reinsurance markets and their responses to unpredictable weather patterns.

As independent insurance agents, we thrive on options. With the ability to explore all our carriers, we diligently search for the right coverage at the best price. In situations where one insurance company might halt business, we have a roster of 15 others ready to provide coverage. If you’ve noticed a spike in your insurance costs, reach out to us via call, email, or by completing the form below. Let’s explore how we can assist in navigating these changes so you can save on car insurance.

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