Why are car insurance costs rising? Here's how much more you could pay in 2023.
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People are spending more of their money on auto insurance, and that cost is likely to continue growing.
Drivers nationally are spending an average of 2.93% of their income on car insurance this year, based on an average annual premium of $2,014 for full coverage insurance and the national average annual income is $68,852, Bankrate said. That amount rose from 2.57% in 2022 when the average premium was $1,771. And the difference means car insurance rates increased by nearly 14% between 2022 and 2023, compared with an overall rise in yearly inflation of 6.5% in December.
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Of course
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Every company has their hands in the cookie jar. If you’ve had no accidents, you shouldn’t have to pay for those that do.