This is how much car insurance costs in Arizona will rise by the end of 2024
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Car insurance is one of the many household expenses Americans face this year.
A recent report from Insurify, a car insurance comparison website, shows that the average cost of car insurance in the U.S. has been steadily increasing since 2021. The estimated cost of coverage is expected to rise to $2,469 by the end of the year.
According to the report, annual car insurance prices in Arizona are expected to rise by more than $150 by the end of 2024.
Here you can find out everything you need to know about car insurance prices in Arizona and how they are expected to develop in 2024.
Is car insurance getting more expensive in Arizona?
According to Insurify, the cost of car insurance in Arizona is expected to rise by 22%. The average annual cost of car insurance in Arizona was $2,026 in June. By the end of the year, the price is expected to rise by more than $150, reaching $2,195 per year.
Overall, Arizona’s car insurance costs are neither the highest (that’s Maryland, where a one-year car insurance policy cost $3,400 in June) nor the lowest (that’s New Hampshire, which costs $1,000 per year).
Where is car insurance most expensive in the country?
Insurify’s report found that California, Missouri and Minnesota could see premiums rise by more than 50% this year. Insurify said damage from severe storms and weather events such as wildfires, as well as state laws on insurance coverage, could contribute to rising premiums in the states.
From the beginning to the end of 2024, car insurance is expected to become 22 percent more expensive on average nationwide.
Why are car insurance premiums rising?
Car insurance premiums depend on the type and amount of coverage needed, personal driving habits and where the driver lives, USA TODAY reported. Insurers set premiums based on the cost of running a vehicle, including the cost of covering claims.
Repair rates, claim severity, climate change and an increase in car thefts have led to higher operating costs for insurers.
As repair costs have increased, insurers have to bear more costs, which in turn is reflected in higher premiums for policyholders.
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