The Reasons Behind Rising Car Insurance Rates.

Auto insurance rates have risen by nearly 15% in some states over the past year, with nationwide premiums increasing by an average of $240 to $2,014 a year, according to Bankrate. U.S. rates are expected to rise by an additional 8.4% in 2023, which would outpace current inflation at 4.9%, according to ValuePenguin. The rising insurance costs come as consumers are struggling financially after nearly three years of high inflation and surging car prices. Some options to consider for lowering your car insurance bill are shopping around, bundling policies, asking for discounts, and using telematics.