CAMBRIDGE, Mass., November 18, 2021–(BUSINESS WIRE)–Insurify, America’s leading auto insurance comparison platform, released its second annual Insuring the American Driver report, revealing a 12% increase in auto insurance costs in 2021 compared to 2020 The average American driver now pays $1,633 a year for coverage — a price the report says will rise 5% to just over $1,700 in 2022.
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Auto insurance costs have increased by 12% between 2020 and 2021 and are expected to increase even more in 2022. (Chart: Business Wire)
Insurify’s research team analyzed more than 40 million auto insurance quotes across the United States to detail recent trends in auto insurance and driving behavior and to examine how COVID-19 continues to affect each of these areas.
As part of its analysis, the report explores current rates of reckless and aggressive driving behavior, a troubling trend that has exploded during the COVID-19 pandemic, showing that these patterns continue to persist after restrictions and lockdowns are lifted. . For example, driving-related fatalities per mile driven increased by 26% between March and May 2021 compared to the same period in 2019, a level only 3% lower than the highs of 2020. As traffic levels return gradually to pre-pandemic levels, the increased death rates that marked the pandemic remain high.
“With inflation above 5%, rates returning to pre-pandemic levels, and collisions on the rise, there are many factors driving auto insurance prices up,” said Kacie Saxer-Taulbee, chief insurance officer. research and content at Insurify. “Even when you put economic factors aside, drivers are expressing a clear difference in their experience on the roads in 2021, with 38% reporting driving more frequently and 44% witnessing more aggressive driving.”
It cannot be ruled out that these high levels of reckless driving and fatality rates are contributing to skyrocketing car insurance rates. On average, aggressive drivers pay 25% more for their auto insurance than someone with a clean criminal record.
Insurify’s Insurify 2021 Insuring the American Driver report also provides insights into self-reported driver behavior from a survey of over 1,000 drivers:
– 44% of drivers witnessed more aggressive driving on the roads in 2021
– 38% of drivers report driving more in 2021 than in 2020
– 41% report an increase in their car insurance premiums year over year
Check out Insurify’s Insurify the American Driver Report for more information on what’s driving price trends in 2021, as well as an overview of auto insurance costs in 2022!
Based in Cambridge, MA, Insurify is a leading virtual insurance agent that allows customers to compare, buy and manage their auto, home and life insurance policies all in one place. With over $170 billion in insurance coverage purchased and more than four million satisfied customers, Insurify has grown revenue 50x since 2016 and has won multiple insurance industry awards including: Stevies’ Gold International Business Award for a Medium-sized Insurance Company 2021, Inc.’ s 2021 America’s 5,000 Fastest-Growing Private Companies, EY 2021 New England Entrepreneur of the Year, and Insurtech Insights’ Future 50 2021. Compare car insurance with Insurify today!
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