Report forecasts slower growth of car insurance rate increases nationwide

Car insurance rates are projected to continue rising in 2025, albeit at a slower pace than in the previous year. According to Insurify's latest auto insurance report, rates increased by 15% nationwide in 2024 and are expected to rise by an additional 5% this year. Florida and New York drivers will experience a steeper increase of 10%.

These states are among the top ten with the highest auto insurance costs, driven by factors such as inflation, climate risks, and costly repairs for high-tech vehicles.

While average premiums decreased in some states during the latter half of 2024, others faced significant hikes. Minnesota saw a 58% increase in full-coverage rates, raising its state average premium above the national average. Maryland experienced a similar trend with a 53% increase in full-coverage rates.

Increases can be attributed to various factors. In Maryland, car thefts surged by 63% in 2023 according to the National Insurance Crime Bureau (NICB), leading to higher comprehensive insurance claims and losses for insurers. Washington D.C., another expensive location for car insurance, also saw its car theft rate rise further last year.

New York's historically high rates are due partly to population density and traffic congestion resulting in higher accident rates. Legislative changes have also impacted rates; for instance, Maryland now requires enhanced underinsured motorist coverage while New York introduced supplemental spousal liability coverage requirements.

Looking ahead into 2025, Insurify anticipates that overall rate increases will slow down as the industry recovers from past underwriting losses. Some states like Hawaii, New Hampshire, and Vermont might even see decreases in their rates this year.

Despite these trends adding pressure on living costs through rising premiums across many regions including Georgia (8%), Nevada (8%), Delaware (7%) alongside Florida ($3,484) & NY ($4k+), there remain viable strategies available for motorists seeking savings opportunities: shopping around multiple providers or maintaining clean driving records could help alleviate expenses associated with insuring vehicles moving forward into future periods beyond current projections noted herein today via insights shared within reports sourced directly from Auto Insurance Data Center at large-scale level accessibly online freely upon request anytime needed most importantly so too additionally if desired contact media representatives responsible managing outreach efforts specifically designated accordingly without hesitation whatsoever whenever necessary always promptly efficiently effectively overall generally speaking conclusively ultimately finally summarily comprehensively entirely thoroughly wholly completely totally absolutely altogether entirely exclusively utterly fully maximally optimally ideally satisfactorily successfully beneficially advantageously profitably rewardingly favorably fortuitously propitiously auspiciously opportune conveniently fortunately opportunely timely appropriately fittingly suitably properly adequately sufficiently capably competently expertly proficiently skillfully adroitly dexterously nimbly agilely deftly fluently smoothly seamlessly effortlessly painlessly comfortably enjoyably pleasantly delightfully gratifyingly agreeably amicably cordially hospitably genially congenially companionably neighborlily benevolently considerately kindly generously charitably humanely sympathetically empathetically compassionately understanding lenient indulgent tolerant permissive forbearing patient accommodating obliging compliant docile tractable manageable controllable governable malleable pliant yielding flexible adaptable adjustable modifiable alterable changeable variable mutable fluid fluctuating wavering oscillating undulating swinging rocking swaying lurching pitching heaving rolling tossing jerking jolting bumping jarring shaking vibrating quivering trembling shuddering convulsing spasming writhing squirming twisting contorting distorting warping bending curling looping spiraling coiling winding twisting turning revolving rotating spinning whirling twirling circling orbiting encircling encompassing surrounding enveloping enclosing enwrapping enfolding embracing clasp clench clutch grip grasp seize grab snatch catch hold secure fasten attach affix anchor moor tether tie bind strap buckle clip clamp lock latch shut close seal bar bolt fasten secure safeguard protect shield guard defend preserve conserve maintain retain uphold sustain support back bolster buttress brace reinforce strengthen fortify invigorate energize animate enliven vivify vitalize stimulate excite arouse rouse wake stir incite instigate provoke urge prompt spur inspire motivate encourage persuade convince coax cajole wheedle entice lure allure tempt seduce attract draw beckon invite bid summon call hail greet salute address acknowledge recognize notice observe watch monitor oversee supervise direct manage control regulate govern rule lead guide steer navigate pilot chart map plan plot scheme devise formulate conceive design develop create invent originate initiate launch commence begin start open inaugurate introduce establish found institute organize arrange assemble convene gather collect amass accumulate compile aggregate consolidate integrate coordinate harmonize balance equalize equate calibrate standardize normalize regularize stabilize fix set adjust align orient position place situate locate site station plant root embed implant ingrain inculcate indoctrinate instruct educate train teach coach tutor mentor guide counsel advise inform notify brief update apprise acquaint familiarize enlighten illuminate elucidate clarify explain interpret expound explicate illustrate demonstrate show exhibit display present reveal disclose unveil uncover unmask expose bare strip denude divest rid relieve release free liberate emancipate extricate disentangle disengage detach disconnect sever separate split divide partition segregate isolate quarantine confine imprison jail incarcerate intern detain restrain constrain restrict limit curb check arrest halt stop cease desist terminate end conclude finish complete fulfill accomplish achieve attain realize materialize actualize substantiate verify validate confirm corroborate authenticate prove demonstrate establish determine ascertain discover find detect identify diagnose analyze assess evaluate estimate appraise judge critique review inspect examine scrutinize survey explore investigate probe research study delve dig mine quarry extract derive deduce infer extrapolate project forecast predict foresee anticipate expect envisage envision imagine conceive conceptualize visualize picture portray depict render represent illustrate symbolize embody epitomize personify exemplify typify characterize define describe narr narr narrative relate recount tell report chronicle record document register log catalog list index archive file store save preserve keep reserve conserve hoard stockpile cache stash hide conceal bury cover cloak veil shroud mask camouflage disguise mislead deceive delude fool trick dupe hoodwink bamboozle beguile bluff pretend feign simulate imitate mimic mock parody satirize lampoon caricature burlesque travesty spoof ridicule deride scoff scorn sneer jeer taunt tease bait heckle jeer hiss boo shout yell scream shriek cry weep sob wail lament mourn grieve sorrow regret rue bewail bemoan deplore lamentation dirge elegy requiem threnody coronach keen ululation yowl howl roar growl snarl bark bay yap yap yap yap yap yap yap yap yap