Car insurance prices are rising, and could continue to rise in the year ahead. In Texas, in fact, some providers are planning hikes of about 20%.
The cost of car insurance is expected to increase in 2022 across the U.S., with some states potentially seeing average double-digit growth from some of the largest auto insurance companies. Furthermore, some areas around the country are already experiencing growth.
In 2021, the national average car insurance cost rose to $1,529, a 3% jump from 2020, according to The Zebra’s 2022 State of Auto Insurance Report. In fact, the company's report notes that rates have ballooned 28% over the past 10 years across the country. In the past year alone, The Zebra found that Louisiana ranked highest when it comes to annual rate ($3,265), and New Hampshire was the lowest ($999).
"In 2021, drivers began taking their cars out of ‘park’ and returned to the roads," Nicole Beck, The Zebra's head of communications, said. "More drivers can lead to more potential accidents [occurring]. As soon as the number of claims filed increases, so will insurance rates. However, drivers aren’t powerless – to lower rates, practice safe driving behaviors and take every precaution to protect your vehicles from damages caused by extreme weather."
The rising average cost of car insurance varies by state across the U.S., and in fact, the Dallas Morning News reported that notices filed with the state's Department of Insurance indicated that some insurance companies are planning rate hikes of more than 20% on average.
In Arizona, drivers are seeing similar patterns. Filings from the state's Department of Insurance and Financial Institutions showed that Geico, Allstate, Progressive and Farmers all applied premium rate increases dating back to the middle of 2021, according to a report from tucson.com. Geico, the report says, implemented an 8% increase in November 2021, while Allstate filed a 7% increase in March of this year.
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