Drivers paid more for insurance in 2022, and 2023 is looking even worse

There was a period early in the pandemic when auto insurance companies saved tons of money due to a drastic reduction in miles driven by most car owners. In a somewhat shocking move, many insurers returned some of their customers’ premium amounts, but now we’re looking at the opposite situation. A new study from Insurify found that Americans will pay significantly more for car insurance by the end of next year than in 2022.

Insurify looked at more than 69 million auto policy rates and found that Americans paid an average of $1,777 for car insurance in 2022. That’s a 9% increase from 2021 and a 21% increase since 2020. Some states, including Oregon, Maryland, and Virginia, saw average premiums climb by more than 25 percent.