Soaring interest rates and record high transaction prices are now being accompanied by rising insurance costs.
According to a new study from Bankrate, the national average price for full coverage auto insurance has jumped from $1,771 in 2022 to $2,014 in 2023. That’s an increase of 13.72% and it means the average household is now spending 2.93% of their income on car insurance.
That being said, these numbers vary by region and Florida prices are downright astronomical. Miami was the most expensive market with an average annual premium of $3,447 and it was closely followed by Tampa at $3,302. Both metropolitan areas are spending more than 5% of their annual household income on car insurance.
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