According to Bankrate, full coverage auto insurance in the US averaged $2,543 annually or $212 monthly in 2024, a 26% rise from 2023. Minimum coverage costs $740 yearly or $62 monthly. Georgia’s average full coverage rate is $2,610, slightly above the national average, while Atlanta residents pay $2,859. From 2017 to 2021, national car insurance expenses only increased by 5. 27%.

Missouri saw a substantial 44% hike in insurance rates, the largest in any state. Louisiana has the highest true cost average at $3,618 (6. 53% of income), followed by Florida, Michigan, Nevada, and New York. The lowest true cost is in Massachusetts ($1,655), followed by Hawaii, Washington, New Hampshire, and Vermont. Wyoming saw a $1 decrease, while Washington, North Carolina, Minnesota, and Ohio avoided significant rate increases.

More accidents and claims have occurred, likely due to increased and distracted driving post-COVID. In 2023, there were 5. 5 million auto insurance claims in the US, with collisions being the most common. Repair costs have increased, driving up claims severity. Bodily injury claims are costly due to rising medical expenses, while property damage claims continue to rise due to expensive parts and labor. Total loss claims are also increasing due to complex modern vehicle repairs.