Analysis by Bankrate.com says consumers in the U.S. will see their car insurance rise by 26% in 2024.
Nationally, the average cost of full coverage car insurance is around $2,543 per year. Florida drivers will pay more.
Bankrate says Florida has the highest average rate of full coverage car insurance at $3,945 per year, an increase of $762 from the year before.
The U.S. Census Bureau says the national median household income is $74,580. Americans now spend about 3.41% of their income on car insurance on average.
While the average monthly payment of car insurance throughout the U.S is around $212 dollars. In Florida, it’s around $329 per month, says Bankrate.
The cost for full coverage car insurance in Florida is 55% percent more than the average cost of car insurance nationwide.
Minimum coverage car insurance in Florida costs around 77% more than the national average.
Normally, men will pay more for car insurance coverage than women.
Though the pace of increases will eventually slow, that doesn’t mean premiums are coming down,” said Greg McBride, chief financial analyst for Bankrate.
Another reason why Floridians pay more for car insurance is because of the weather. Louisiana also showed price increases because of the weather. Both states mainly deal with hurricanes.
