I have a 2016 truck, and my insurance is rising from $250 to $316 in 2024, despite no claims or accidents. Progressive says all companies are increasing rates due to inflation. Is this true for everyone, or is it just their excuse? I’ve had only one minor speeding ticket in years and no claims. Does this sound like BS? I feel like I could find cheaper coverage elsewhere.
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Yes, auto insurance rates are indeed rising across the country in 2024. Several factors are contributing to this increase, including inflation, higher repair costs, and an uptick in severe weather events. On average, car insurance rates have jumped by about 26% nationwide.
Your situation is not unique, and many drivers are experiencing similar hikes in their premiums. Even with a clean driving record and no claims, external factors like inflation and increased costs for vehicle repairs and replacements are driving up rates.
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More money is being added to insurance than to inflation. It’s about things like an awful legal climate, juries paying out hundreds of thousands of dollars to people for ridiculous injuries, and of course rising auto repair expenses. Speak with your state legislators about tort reform; you are essentially supporting plaintiffs’ lawyers by not doing so.
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Insurance rates rising due to inflation is common, but it’s worth shopping around for better rates.
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Hi, In 2024, auto insurance rates are generally expected to rise across the U.S. due to increased repair costs, higher vehicle prices, and more frequent accidents. Inflation and changes in state regulations also contribute to this trend. It’s advisable to compare quotes from different insurers and explore potential discounts to manage rising costs effectively.