Tampa came in fourth place on a list of high car insurance rates in the country, a new report found.
However, Floridians can rest easy. Detroit drivers still spend the most money on car insurance in the country, according to the report.
Bankrate's True Cost of Auto Insurance report found that drivers in Detroit spend an average of $5,687 per year for full coverage, which equals about 7.98% of the median household income.
On the other end of the spectrum, Seattle has the cheapest car insurance, with drivers spending an average of $1,759 per year.
The national average cost, according to the report, is $2,543 for full coverage.
Most expensive car insurance:
1. Detroit – $5,687
2. Philadelphia – $4,753
3. Miami – $4,213
4. Tampa – $4,078
5. Las Vegas – $3,626
Cheapest car insurance:
1. Seattle – $1,759
2. Portland – $1,976
3. Minneapolis – $2,044
4. Boston – $2,094
5. Washington, D.C. – $2,430
“The rate of full coverage car insurance increased 26 percent from 2023, and while we hope to see rates stabilize soon, that likely won't happen until at least 2025,” Bankrate Analyst Shannon Martin said in a statement. “While inflation is slowing down, insurance companies are reassessing their risk models to account for the post-pandemic rise in car crashes, the increase of claims from extreme weather and the sustained elevated cost of vehicle repairs.
To come up with the report, Bankrate used current data from Quadrant Information Services to see the average cost of auto insurance for every U.S. state and metro area.
This story was originally published by Scripps News Detroit.
Trending stories at Scrippsnews.com
