Philly has the largest jump in average cost of car insurance in the country in 2024

[FakeNoose]

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.

[Goonch]

1. Local News Records show car thefts are skyrocketing in Philadelphia. Police say they lack resources/October 17, 2023 /

.....""Numbers were staggering"

Records and data uncovered by CBS News Philadelphia over a several-week investigation show the number of stolen cars this year has skyrocketed.

The figure is approaching 17,000 -- a number that shatters all previous records......"

https://www.cbsnews.com/philadelphia/news/philadelphia-car-thefts-skyrocketing/

[10 Turtle Day]

2. I recently talked with my insurance agent...

I just retired so asked about a low mileage option on my auto policy since I'm no longer commuting. I did get one but at the end of the conversation he warned me that there is a sea change happening across the insurance industry and I should expect to see drastic changes in the near future. He wouldn't go into any more detail, but I took it to mean massive premium increases because I don't know any other way to interpret that. Maybe he's just trying to forestall me from shopping around when my premiums do get jacked up, but I have seen a few other articles about hefty premium trends.

edited to add that I'm in Ohio

[FakeNoose]

3. That's just it - we can't shop around because they've all increased together

I'm sure this is some kind of pricing collusion among all the major insurance companies. The government will never go after them though, unless somebody snitches. It won't happen soon enough to help us.