Uninsured Drivers
The average annual cost of full-coverage car insurance has jumped to $2,278, up 12% from 2023.
By
August 13, 2024
An increase in uninsured drivers is making car insurance coverage more expensive for everyone else.
When drivers drop their policies, it increases the burden for everyone else. In 2020, policyholders paid $16 billion for uninsured and underinsured coverage.
The percentage of uninsured drivers increased from ~11% in 2019 to 14% in 2022, and experts predict that this number will continue to climb.
Americans, 76% of which live paycheck to paycheck, are dropping their car insurance trying to make ends meet. High inflation disproportionately hurts low-income households.
According to Bankrate, the average annual cost of full-coverage car insurance has spiked to $2,278, up 12% from 2023.
