Insurance is one of those things you really hate to pay for and hope you never use…until you actually use it, and then you’re super glad you have it. Car insurance is no exception! Like everything else, it’s gotten a lot more expensive in Washington State, taking a bigger chunk out of your Paycheck. Let’s take a look at some trends that might help you save a few bucks.
Here are Five Fast Facts on auto insurance in 2024:
- 📈 Going Up - There’s no sugar coating it - auto insurance is painfully expensive! It went up over 11% in 2023, and is expected to go up almost another 13% this year. It’s up almost 30% since 2018. The average cost across the country is about $165 per month, or just under $2k per year per car. That’s a lot of money for something you hope you never use!
- 😀😣 The State Of The State - Here in the Evergreen State, the good news is that our monthly average is only $128 per month. The bad news is that’s the second highest increase in the nation this year. Ugh.
- 🚓 As Punishment - One reason insurance costs go up is…ahem…poor choices. After a ticket, DUI, or other traffic violation, the average cost increase in insurance for Washington State is 53%. Call it the Stupid Driver Tax. Pay up!
- 🚙 By Model - The cost of your auto insurance also depends a bit on the model of your car. Looking at the top-selling cars, the cheapest to insure is the Honda CR-V ($219/mo.), followed by the Ford F-Series trucks ($230/mo.). The most painful to insure are the Tesla Model Y ($350/mo.) and Dodge Ram 1500 ($277/mo.).
- ⛈️ Why Oh Why? In addition to the factors above, sometimes the cost increases are completely out of your control. Last year was a really bad year for natural disasters, especially in the Midwest and the South. Hail, windstorms, and other weather-related repairs caused parts shortages, driving up costs.
🔥Bottom line: It may not be practical to swap out of a more expensive car just to save on insurance costs, but if you’re already in the market for a new car this information may help you choose a more economical option. The costs above are all for full coverage, so you could potentially also opt for minimal coverage (though if you’re financing you may be required to have full coverage). Getting into an accident is never a good thing, but with minimal coverage you’ll be forking over more out of pocket. Just something to consider.
What’s happened with your car insurance rates lately?
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