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Pennsylvania

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FakeNoose

(37,596 posts)
Thu Feb 8, 2024, 11:48 AM Feb 2024

Philly has the largest jump in average cost of car insurance in the country in 2024 [View all]

The average full-coverage premium costs in the Philadelphia metro area jumped 154% this year from $1,872 to $4,753.



Inquirer link: https://www.inquirer.com/business/car-insurance-premium-increase-philadelphia-2024-20240207.html

Archived (no paywall) link: https://archive.ph/XKbZN

Drivers in the Philadelphia metro area are spending a larger share of their income on car insurance than many in the nation, according to an annual report released this month from Bankrate, a consumer financial services company. On average, Philly drivers are spending $4,753 on their annual car premium, 5.65% of their household income.

According to Bankrate, the average full-coverage premium costs in the Philadelphia metro area — which includes Camden and Wilmington — jumped 154% this year. It is the largest increase of any of the 26 metros examined by Bankrate. Only drivers in the Tampa, Miami, and Detroit metros are spending a larger percentage of their household incomes on their car premium than those in the Philly metro area, according to Bankrate’s analysis.

Nationally, the average cost of full-coverage car insurance has increased 26% since last year, according to the report.

“Almost every state except for one had massive rate increases,” said Shannon Martin, a Bankrate analyst. “It’s just really huge at a time when people are struggling so much.” This year, the average cost of full-coverage car insurance nationwide is $2,543 annually, up $529 from last year.
- more at link -

Wow! I thought my increase was bad for Pittsburgh, but mine was nothing like that. Talk about greed-flation! There seems to be no stopping the insurance companies from confiscating our money.




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