‘UnPhilTered’: Auto insurance up 26% from a year ago
INDIANAPOLIS (WISH)– The national average cost of car insurance is now the highest it’s ever been, according to a recent Bankrate study.
According to Bankrate, U.S. drivers are paying an average of $2,543 annually, or $212 per month, for car insurance — an increase of 26% from 2023.
“That 25% is pretty accurate here in Indiana, too.” said Dan Kiesle, the director of insurance for AAA Hoosier Motor Club. “It’s the sign of the times. It’s inflation. The labor rates are up to fix cars. If you need to buy parts to fix cars or buy a car altogether, they’re just more expensive.”
The Bankrate report said the average price for auto insurance in Indiana was $1,634 a year, which is a 0.45% increase from 2023.
“These come in cycles in our industry. It happens every eight or 10 years. This one has gone on a little longer than usual, but the pandemic was anything but usual, right? So. we still have a hangover from that,” Kiesle said.
Missouri saw the largest increase in insurance premium prices this year, according to Bankrate.
Kiesle recommends shopping around for better rates but also has a warning for drivers. “Maintain your insurance; don’t drop it. If you get two people shopping for insurance and they’re both shopping insurance and one has it and the other one doesn’t, the other one is going to pay at least 50% more.”