Having a car is getting more expensive for drivers across the country as auto insurance premiums continue to soar.
According to a new Bankrate report, U.S. drivers are paying an average of $2,543 annually, or $212 per month, for car insurance — an increase of 26% from last year. That's 3.41% of yearly earnings for those with a salary of $74,580, which is the national median household income according to the latest data from the U.S. Census Bureau.
"Auto insurance rates have been rising at a breakneck pace," said Greg McBride, chief financial analyst for Bankrate. "And though the pace of increases will eventually slow, that doesn't mean premiums are coming down."
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