Olde Hornet
Well-Known Member
Auto insurers are now facing the worst crisis in '30 years at least' — skyrocketing rates show little relief in sight. Here's why and what you can do about it
One car insurance giant got approval for 83 rate increases in the first quarter of 2023
Auto insurance prices in the United States are on the rise and showing no sign of slowing down soon — with some insurers seeking price hikes of 30-40% in certain states.
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Nearly one-third (31%) of U.S. auto insurance customers have experienced a rate increase in the past year, according to a recent J.D. Power study, as insurers battle against record high losses.
This is hurting American drivers, especially in states like California and Florida, where the price of home insurance is experiencing a similarly explosive trend.
“It’s probably the worst period for auto insurers it’s been in 30 years at least,” Neil Alldredge, chief executive of industry body National Association of Mutual Insurance Companies, told the Wall Street Journal.