Car insurance rates have risen for four out of five American drivers over the past year, according to car insurance search engine The Zebra.
Zebra’s annual report found rates across the country are up 23% since 2011, with an average annual cost of $1,470. Premiums are the highest, averaging more than $2,000, in Rhode Island, Louisiana and Michigan.
However, State Farm, Louisiana’s largest auto insurer, announced last week it will cut auto insurance rates starting in April by an average of 3.2% for its roughly 1 million Louisiana policyholders.
Rates vary dramatically, with massive increases over time, and vast disparity even within a single state. Rate changes between states can be because of weather or state laws.
In Colorado, car insurance costs are up 80% since 2011, but they’re down 20% in Oklahoma in that same time frame. Rate changes vary from year to year and even between individual zip codes, but have been as high as 45% in some states. Read the full report.