Car insurance rates in the U.S. have seen a significant increase, with a report published on February 5 indicating a 26% jump across the country in 2024. This rise is attributed to various factors, although theft, significantly mentioned on January 25 as a contributing factor, has not been explicitly linked. In Philadelphia, initial reports of a 154% increase in auto insurance rates were corrected to about 21%, according to industry professionals and Bankrate. The average annual cost for U.S. drivers is now $2,543, marking a 52% increase from 2021. In the UK, motor insurance costs have surged by 58% (£366) over the past year, with a staggering 98% (£1,423) increase for 17-year-olds. The Labour Party has proposed a review of auto-renewals, hidden fees, and the overall value of insurance products by the CMA and FCA. Additionally, the rising cost of car repairs is contributing to the increase in insurance rates.
Car repairs are getting more expensive. Here's why https://t.co/sLPc58A0tx
Motor insurance costs have almost doubled since early 2021. Average prices went up by 58% (£366) over the past year but for 17 year olds, it's been 98% (£1,423) @UKLabour will task the CMA and FCA with a review into autorenewals, hidden fees and poor value of insurance products. https://t.co/MBdrcnmYI0
U.S. drivers are paying an average of $2,543 a year – or $212 a month – for car insurance, which is a 26% increase from last year and a 52% increase from 2021, according to a recent report. https://t.co/qRHZkqbL1O
Data corrected: Car insurance rate jump in Philadelphia not as high as previously reported, Bankrate says https://t.co/bapjyd4jHs
Car insurance rates are rising across the country. But when Bankrate reported that Philly-area auto insurance rates jumped 154% over the past year, the numbers didn’t look right to industry pros. According to revised numbers, the increase is about 21%. https://t.co/6HTKAwa2fI
Car insurance rates jump 26% across the U.S. in 2024, report shows February 5 https://t.co/UtlfcBrfNI [The above article searches for causes, but does not mention theft as a possible contributing factor.] Big Rise In US Car Thefts January 25 https://t.co/PPY23KqCYk https://t.co/m8jt1RFmwL