As the new year rolls around, drivers nationwide could pay about $10 more a month for auto insurance in 2023.
Insurify Group says the average driver paid $1,777 for auto insurance in 2022. It is projected to rise to $1,895 by 2023, up 7% and 29.5% more than in 2020.
REASONS
There are at least three reasons fares go up: people are driving more, cars and parts are more expensive due to inflation and lingering supply chain problems, and more accidents.
Safety groups say there has been more reckless driving since the start of the pandemic. Federal safety officials estimate that 9,560 people died in crashes during the first three months of 2022, the highest rate since 2002.
RECOMMENDATIONS
Auto insurance experts advise drivers: ask companies for discounts, own a less expensive car, make sure you have a good driving record, and work on your credit score.
You may want to opt for lower coverage or a higher deductible, but you need to weigh the pros and cons very carefully first.
