2024 Auto Insurance Rate Increase. Auto insurance rates soared a shocking 24% in 2023 as the rising cost of repairs, climate. A new report from ratesdotca says auto insurance claims have become more prevalent and costly, driving up insurance rates in 2024.
Car insurance rates are up almost 21% for the 12 months ended in february, according to new consumer price index data released tuesday. Since 2023, car insurance rates have surged 26%, and they’ll likely remain elevated until 2025, according to bankrate’s true cost of auto insurance report.