Car insurance rates are up by double digits and drivers may not see relief anytime soon. Drivers currently pay an average of $1,668 for their car insurance policy, according to the online insurance agency Insurify. Experts point to four main reasons for the spike in car insurance rates:Costs associated with driving are higher. “The frequency and severity of accidents have risen recently, leading to higher payouts by insurance companies,” Maria Coello, an insurance agent with MyClick Insurance, said. “Although some planning is made for natural disasters in economic forecasts, the number of these has exceeded what insurance companies or anyone else have anticipated,” Salinas says.

Source: Forbes February 10, 2024 22:23 UTC