If you think your food bill is high then look at your car insurance.
Bankrate estimates the national average cost of full coverage car insurance in 2024 increased by 26% to $2,543, up $529 from a year earlier. That’s six times faster than overall inflation and more than any food item at the grocery store, including eggs, over the past three years, according to insurance comparison site Jerry.
And the rise isn’t over, analysts say.
“There is likely further pain ahead,” Jerry said in a report.
Which states have the most expensive car insurance?
According to Bankrate, the states with the highest average annual premium are:
◾ Florida: $3,945
◾ New York: $3,840
◾ Louisiana: $3,618
The states where people are spending the largest percentage of their income on car insurance, or what Bankrate calls the “true cost,” are:
◾ Louisiana at 6.53%, up 1.76% from 2023
◾ Florida at 5.69%, up 0.79%
◾ Michigan at 5.01%, up 1.51%
