Insurify reposted this
General Partner at Automotive Ventures | Author of the book "The Future of Automotive Retail" | Author of the weekly "Intel Report": sign-up at automotiveventures.com
Car insurance has become more expensive in 2024, and the increases may not be over. A new study projects that by the end of the year, the average policy will cost 22% more than it did a year ago. The number comes from Insurify, an insurance comparison shopping service. Data scientists from Insurify “examined more than 97 million rates in its proprietary database, quoted via integrations with partnering insurance companies” in all 50 states and the District of Columbia. Insurify says the average cost of comprehensive car insurance increased 24% last year and could nearly match that increase this year. “The average annual cost of full coverage hit $2,329 in June 2024, a 15% increase from $2,018 at the end of 2023. Drivers could see a total increase of 22% in 2024, with average premiums of $2,469 by the end of the year,” Insurify says. The price hikes come as insurance companies say they’re losing money. https://lnkd.in/eKvUnSwP
Damian Rodriguez
1mo
I'd love to help Insurify grow even more with a memorable number like 1-800-800-SAVE or 1-800-800-RATE! This dual-purpose number not only makes it easy for potential customers to remember but also reinforces your brand message. With one number, you effectively double your marketing impact!
Innovative Marketer and Product Leader | Automotive Industry Strategist | Automotive Data
2moSteve Greenfield, huh? Per the National Association of Insurance Commissioners (NAIC): - The p/c insurance industry made a record $88 billion in profits in 2023, even as companies jacked up rates for policyholders. - The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history. - In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits. - Despite this, insurance executives continue to complain that they’re not making enough money because of lawsuit abuse and need to limit Americans’ access to the courts. https://iltla.com/?pg=Blog&blAction=showEntry&blogEntry=109107#:~:text=Posted%20on:%20Jun%2018%2C%202024,Record%20Profits