What will drive up car insurance premiums in 2022?
Perhaps the biggest driver of higher 2022 car insurance premiums is the same thing that is driving up costs across the board — inflation. Between June 2021 and June 2022, the Consumer Price Index (CPI) rose 9.1 percent. This means that, on average, we are spending 9.1 percent more than we were a year ago for the same goods and services.
What happened to insurance prices in the first quarter of 2022?
'Insurance prices began to increase rapidly at the end of last year and premiums have remained high in the first three months of 2022'. Compare the Market analyses both the average premiums and cheapest premiums quoted to drivers. It says the cheapest quotes rose by £42 in the first quarter of the year to reach an average of £568.
What is the average cost of car insurance in 2021?
In 2021, the national average car insurance cost rose to $1,529, a 3% jump from 2020, according to The Zebra’s 2022 State of Auto Insurance Report. In fact, the company's report notes that rates have ballooned 28% over the past 10 years across the country.