Auto Insurance Cost Trended Down as Year Closed
Average rates varied by area, though, with some spots rising.
New York experienced the highest auto insurance rates for the month at $282 for overall coverage.
Pexels/Jonathan Cooper
The cost to insure a vehicle was flat in December nationally, but some states experienced increases, at least for some coverage aspects.
Rates stayed relatively steady in the last six months of 2024 after rising in 2023 and the first half of last year, according to Massachusetts-based insurance comparison-shopping website Insurify.
At the end of last year, full coverage cost an average of $193 per month on a nationwide basis, unchanged month-over-month. Liability-only policies averaged $105 per month, also unchanged.
But there were outliers in both directions. Full coverage in Washington, D.C., rose a painful 12% to $283, while in Louisiana the average full-coverage cost fell about 3% to $235.
Insurance rates vary by area based on factors such as weather, traffic patterns and crash rates.
New York experienced the highest auto insurance rates for the month at $282 for overall coverage, followed by Maryland, South Carolina, Nevada and Washington, D.C.
Originally posted on Auto Dealer Today
More Industry
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →
Dealership Profits Decline
While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
Read More →
New Mexico Stores Change Hands
Three dealerships owned by three brothers are renamed for a new partnership bridging the founders’ family and a new auto retail leader.
Read More →
International Automakers Overpower Domestic Output
As the current U.S. administration pushes for domestic automotive production, a new report sheds light on the prevalence of international automakers here.
Read More →
World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →