The Auto Insurance Crisis: 2024 Updates Summary

Helpful Facts

  • Auto insurance premiums have sharply increased in 2024, with New York's average cost at $3,484 annually.
  • Rising repair costs, reckless driving, and post-pandemic accident surges are driving up insurance rates.
  • New York's new law enhances uninsured motorist coverage but raises premiums for consumers.
  • Premium inflation will likely continue, but telematics programs may offer discounts for safe drivers.
  • Strategies to lower premiums include raising deductibles, using telematics, bundling policies, and reviewing coverage.
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