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Your car could cost you 50% more in these states - here's why
Three states will see car insurance costs rise by as much as 50 percent by the end of the year, according to a new forecast.
Auto insurance prices are set to rise by a huge 22 percent for the average car owner by the end of 2024, Insurify data revealed.
It comes after policy rises, which have been a key driver of inflation, were already bumped by an average of 24 percent across the country in 2023.
The annual premium for the average driver will rise to $2,469 by year-end, the report found.
But in three key states car drivers will be hit much harder, forking out more than 50 percent more.
The average US driver will pay $2,469 a year for car insurance by the end of 2024
Prices will rise most sharply in Minnesota where the projected increase is expected to be a staggering 61 percent.
The average annual cost of full coverage in the state in June 2023 was $1,492, but is set to increase to $2,597 by the end of 2024.
Missouri is expected to be the second hardest hit, with average costs rising from $1,582 in 2023 to $2,673 by the end of 2024 - a 55 percent rise.
Prices are also set to rise by more than 50 percent in California.
In the Golden State, average annual costs from car insurance are expected to hit $2,681 by the end of the year, a 54 percent increase.
The rises are largely due to the increase of climate and extreme weather events that have increasingly damaged vehicles.
'Increasingly severe and frequent weather events are driving up auto insurance premiums,' Insurify said in its report.
'Hail-related auto claims represented 11.8 percent of all comprehensive claims in 2023, up from 9 percent in 2020.'
Minnesota experienced a total of $1.8 billion in damage following a series of storms that dropped golf-ball-to-baseball-sized hail across the Twin Cities in August 2023, according to Insurify.
Severe convective storms also hit Missouri and northwest Illinois in 2023. A supercell produced golf-ball-sized hail and heavy rains, forming a tornado along its track as it moved across the states.
North Carolina, meanwhile, faces a different weather risk - hurricanes.
Last year, Hurricane Idalia brought damaging high winds, heavy rainfall, and local flash flooding to the state.
Storms like this cause water damage to cars, and insurers pick up the cost of this if the drivers have comprehensive coverage, according to Insurify.
The cost of repairs have increased for insurers, who are passing on rises to customers
Insurance rises are largely due to the increase of climate and extreme weather events
More than half of Californians have been affected by rising insurance prices or have been dropped by their insurer in the last year
Car thefts drive up premiums, too. Missouri and California are among the 10 states with the highest auto theft rates per capita, and Illinois had the fifth-highest number of stolen cars in 2023, NICB data shows.
Insurers' vehicle repair costs, including labor and car parts, have also increased more than 40 percent since the pandemic, CBS reported.
Lawyers are also becoming more frequently used to settling accident claims which increases insurers costs, which are then being passed on to consumers.
'In general, when you have increased attorney involvement, you actually end up with a higher payout from the insurance company, but a lower payout coming to the injured parties and the claims,' Dale Porfilio, chief insurance officer at Insurance Information Institute, told the outlet.
Across the US, Maryland drivers currently pay the most for auto insurance, spending on average $3,400 a year.
By the end of the year that will have increased to $3,748, a jump of 41 percent.
The second most expensive state is South Carolina, with an average policy premium of $3,336.
Home insurance is also rising across the country, with climate-related risk becoming a key factor in increases.
Climate change brings increased risk of damage to properties from wildfires, floods and other natural disasters such as hurricanes.
Last month California's largest insurer gave the state's government an ultimatum as the cost of providing cover continues to soar.
State Farm told California's Department of Insurance to let them raise home insurance rates for millions of citizens, or they will ax cover.
A slew of insurers - including Allstate, Farmers Direct and State Farm in a previous move - have limited cover or stopped doing business entirely in the Golden State.
They blame the intensifying risk of climate disasters.
As a result, more than half of all Californians say they have been affected by rising property insurance or have been dropped by their insurer in the last year.