John King, Georgia Insurance and Safety Fire Commissioner | oci.georgia.gov
John King, Georgia Insurance and Safety Fire Commissioner | oci.georgia.gov
Motorists in Georgia may see their car insurance premiums rise above the national average this year, as per a report from ValuePenguin. The "State of Auto Insurance in 2024" report by ValuePenguin forecasts that car insurance rates will surge by an average of 12.6% across the nation, while in Georgia, rates could escalate by 16%.
According to ValuePenguin's report, drivers in Georgia should brace for some of the steepest car insurance rate hikes in the country. Factors such as weather conditions, increased costs for vehicle parts and repairs, and high instances of car thefts are contributing to these rate increases. To compile the report, ValuePenguin scrutinized millions of drivers' quotes and rate changes filed by major insurers.
A separate report from MarketWatch revealed that car insurance rates in Georgia climbed by 22% between 2022 and 2023, which resulted in drivers paying an average of $356 more. In 2022, the typical driver in Georgia shelled out $1,617 for full coverage premium; however, in 2023, the average cost rose to $1,973 - higher than what drivers paid in 30 other states. Vehicle insurers typically see the most claims stemming from car accidents. MarketWatch stated that even seemingly minor accidents can result in substantial payouts for medical claims and property damage.
John King, Georgia's Insurance and Safety Fire Commissioner, has urged residents to consider different options with multiple insurance providers before settling on a car insurance policy according to a report by 11Alive.
The latest Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics (BLS) discovered that costs for motor vehicle insurance have surged more over the past year than the overall inflation rate. The CPI report released on Jan. 11 found that while the overall inflation rate during the twelve-month period ending in Dec. 2023 was 3.4%, auto insurance costs soared by 20.3% during the same period.
ValuePenguin, established in 2013 by three former financial analysts as per the company's website, allows users to compare financial products such as insurance policies and credit cards to make data-driven decisions. In 2019, ValuePenguin was acquired by LendingTree, a leading provider of digital comparison tools.
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