Car insurance in Democrat-run California is expected to rise 54 percent by the end of 2024, according to a report from the insurance tracking website Insurify.
For drivers across the nation, the price tag for full coverage rose 28 percent between June 2023 and June 2024, the site noted on Sunday. However, it added that “drivers in some states are seeing year-over-year rate hikes of more than 50%.”
Reasons for the skyrocketing rates include weather, car thefts, and legislative changes. The Insurify article continued:
Additionally, California is increasing its minimum car insurance requirements to bring them in line with other states. California governor Gavin Newsom signed Senate Bill 1107 into law in late 2022, doubling and, in some cases, tripling the liability limits for auto insurance policies. The change goes into effect Jan. 1, 2025.
This means California residents will see even higher premiums next year, albeit with higher protection limits as well. The higher limits will prevent more drivers from going into debt after a car accident, but since it increases the financial burden on insurers, they will raise rates to match the new requirements.
Root Insurance CEO Alex Timm told Yahoo Finance in May that inflation was causing car insurance to rise in price, and many American households were struggling with the cost.
“And this is from increase parts; parts are costing more. We’re definitely seeing more technology inside of vehicles, and that technology is certainly more expensive to actually repair. So, all of those things are really driving up costs,” he explained:
The news comes as car insurance across the nation has jumped 54.3 percent, according to the U.S. Bureau of Labor Statistics, Breitbart News reported Thursday. The outlet also pointed to the fact that drivers are taking a financial hit due to President Joe Biden and Vice President Kamala Harris’s economic policies.
The article noted:
New car prices are up 18.9 percent, according to data from the Department of Labor, which also said used car prices have risen 19.5 percent. Drivers needing maintenance done on their vehicles are also taking a hit, the department noted, with data showing the cost for auto repairs and maintenance is up 30 percent.
Please click here to read more articles about insurance.
Breitbart News reported in July that car insurance rates were rising due to auto-related crimes. It is also interesting to note that in 2023, residents of New York’s Staten Island were fed up, as unlicensed drivers who had no insurance while operating unregistered vehicles were causing accidents outside migrant shelters.
“More than 110,000 illegal border crossers have arrived in New York City alone since last spring, and more than 60,000 are currently enjoying free housing courtesy of taxpayers,” Breitbart News reported in September.
