Are Auto Insurance Premiums Going Up?

Aug 30, 2022

Auto Insurance

Are Auto Insurance Premiums Going Up?

Are your auto premiums going up? You're not alone!

For many drivers throughout 2022, the average cost of auto insurance has likely increased, much like almost every purchase customers make at this time, due to inflation.  According to statistics from S&P Global Market Intelligence's authourized rate filing, vehicle insurance prices are rising by an average of 4.9 percent nationally with more than 62.5 million policyholders being impacted by these rate revisions.

Rate increases may be significantly larger for policyholders in various states and with particular auto insurers. In just the month of June, Geico raised prices in seven states; mid-August saw rate increases apply to insurance renewals as well. Additionally, State Farm was granted permission or over 15 rate increases. Texas is among another state with noticeable rate increases in order to cover the cost to protect the inflated prices of used vehicles in an area where hail is not uncommon.

Contact Mauceri Bynum Insurance to learn about how we are combating these increases for our clients. Our team in Mckinney, TX will review your current policy, and find the right insurance coverage and price for you. For a free quote today, give us a call at 214-733-8400.