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US auto insurance coverage charges drop for the primary time in a long time – report


According to the report, auto insurance rates across America fell 1.7% in 2021. The average cost of auto insurance in the US for 2021 is $ 1,636. However, it has also been found that the premiums are still 106% more expensive compared to the 2011 prices.

ValuePenguin found that auto insurance premiums have decreased by an average of 2.3% in 45 states. The states that saw rates drop the most year over year were Arkansas (4.8%), Ohio (4.3%), and Michigan (4.3%) – although Michigan continues to have the highest average auto insurance rates in the country as 353 % higher than the national average.

The five remaining states where auto insurance rates rose in 2021 include New York (up 1.2%) and Indiana (1.1%).

The report also found that a traffic violation would result in an average premium increase of 117% in 2021. In relation to certain states, North Carolina drivers will see the biggest increase in auto insurance rates due to a traffic violation – a 255% increase. In comparison, the state of Florida has the smallest increase in car tariffs after a violation at just 55%.

For drivers with DUI violations, the premiums will increase by an average of 157% in 2021, according to ValuePenguin. Meanwhile, those charged with minor violations (e.g., neglecting traffic signs) would see an average increase in their insurance of 28%.

While rates may have decreased for 2021, the study suggests that they could recover in 2022. ValuePenguin says this is to be expected as pandemic restrictions are relaxed and people are returning to work. The report also cited the increase in distracted driving cases and the rising cost of repairs to smart technology in newer cars as additional factors driving future increases in auto insurance rates.

“Car insurance can be a difficult and time consuming topic. This report seeks to expose some of these key issues and uncover ways Americans can save more money, ”said ValuePenguin research analyst and study author Sterling Price.

Price added that the results can save drivers big bucks on auto insurance by carefully comparing offers.

“Moving your car insurance from full to minimum coverage can cut your premiums by 155%, and by improving your creditworthiness you can cut your car insurance premiums by up to 70%,” the research analyst advised.

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