If you’ve recently tried to renew your car insurance and had a nasty shock, you’re not alone. U.S government data shows that premiums in December just gone were a massive 20.3 percent higher than those during the same period in 2022. That’s the biggest increase since the mid-1970s.
The December numbers stand out, but premiums were rising all through the year, climbing 1.5 percent between November and December. Industry experts put the spike down to a combination of factors including the increased cost of new vehicles, and rises in the cost of labor and parts that negatively impacts repair bills. Average annual rates for full cover during 2023 stood at $2,019, CBS News reports, that figure up from $1,633 during 2022.
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