Auto Insurance 2022 Rate Increases and Predictions
The inflation that is making life difficult for consumers is also impacting car insurance companies. Across the nation, auto insurers are filing rate changes, many of which are rate increases. According to data from S&P Global Market Intelligence, the average rate increase in filing is about 4.9 percent. This means that, with the average cost of car insurance at $1,771 per year for full coverage, consumers could soon pay as much as $1,858 annually for the same coverage. To help you prepare for the coming increases, Bankrate dug deep into the data to find out which states are the most and least impacted by rate increases.
Key insights
- Minnesota approved the highest 2022 rate increase, at 14.0 percent.
- New York, Louisiana and Nevada policyholders may experience the highest premium impacts after rate increases take effect.
- Rates will likely continue increasing in 2022 due to inflation and increased insurance claims.
