Insurance Prices Set To Skyrocket

The price of new vehicles are finally starting to come back down however, it looks like car insurance rates are about to go up in 2023.

According to Fox, insurance marketplace Insurify has predicted that average car insurance rates will increase by 7% next year even after this year’s 9% increase.

This makes the typical annual rate to be $1,895.

Insurify CEO Snejina Zacharia explained, “Our annual data reflects the state of the insurance industry, and our new report projects that higher driving rates, more severe accidents, inflation’s impact on vehicle repairs and medical costs, and the potentially increased frequency of wildfires and hurricanes will continue to be the key factors contributing to rate increases next year.”

Insurify examined over 69 million insurance applications and learned that 47% of policyholders had at minimum one rate increase in 2022 and 20% had multiple price increases.