Surefire Ways to Save Big on Car Insurance in 2024

Auto insurance rates have spiked, an increased by almost 12% as of April 2024 per the US Bureau of Labor Statistics. What’s behind the spike in car insurance rates? There’s been a sharp rise in accident frequency and severity since the pandemic began. More distracted driving. An increase in litigated claims. More expensive medical treatment for accident victims. Increases in the purchase price of vehicles. And the escalating costs of repairs.

Further, more technically advanced vehicles cost more to repair. Especially with all the new technologies and safety features all come at a higher price.

Consider that the cost of vehicle repairs has escalated 45 percent since 2019, primarily due to supply chain disruption, parts shortages, and rising labor costs, according to the Insurance Information Institute.

Despite rising insurance rates, insurers continue to experience significant underwriting losses due to accident loss costs and inflation. Add this to the data collection and sales we have covered over the last few episodes, all this leads to higher insurance rates.

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