The average cost of full coverage car insurance is $2,148 per year, and costs for drivers are climbing.
U.S. auto insurance owners say they feel the pinch of rising prices, and a higher percentage plan to switch insurance providers. While just 6% say they switched in the last 12 months to save money, double that proportion say they plan to switch in the next 12 months, according to a new survey from NerdWallet.U.S. auto insurance owners say they feel the pinch of rising prices, and a higher percentage plan to switch insurance providers.
And costs for drivers are climbing. Auto insurance rates jumped 16.9% over the 12 months ending June 2023, according to the Bureau of Labor Statistics. It’s no surprise that fewer than half of auto insurance owners think their auto insurance rate is fair.Switching is still relatively uncommon While Americans aren’t universally in love with their insurance rates, that hasn’t yet caused a mass switch to new insurance providers. In the last 12 months, just 6% of auto insurance owners say they’ve switched to save money, the survey found.
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