The average driver is expected to pay $1,895 per vehicle for car insurance in 2023, according to a study that analyzed 69 million rates across 50 states. That’s up 29.5% from 2020, and marks the first time average insurance premiums will top $150 monthly.
Drivers are facing car insurance premium hikes in 2023 as more expensive vehicles and higher rates of crashes translate into more expensive coverage.Drivers can't avoid insurance costs, so increases tend to hurt low-income and fixed-income people more than others.The average driver is expected to pay $1,895 per vehicle for car insurance in 2023, according to a study by Insurify, which analyzed 69 million rates in 50 states.
That’s up 7% from 2022 and up 29.5% from 2020, and marks the first time average insurance premiums will top $150 monthly.Vehicle prices have spiked since the pandemic due to production shortfalls and shoppers gravitating toward larger rides.
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