Car insurance rates have continued to rise across the country throughout 2023. A new MarketWatch Guides’ report shows that Georgia saw 22% increase this year in car insurance, averaging an extra $356 a year for Georgians.
Just like it did in most states across the country, car insurance rates took a big jump up in Georgia over the last year. The average full coverage premium increased by 22% from 2022 to 2023 in the Peach State. That increase amounts to an average of $356 more for auto coverage per year, adding significantly to the cost of owning a car.
Among the reasons for the increase:
- Accident Rates in Georgia Are Going Up
- Car Theft Is Still a Big Problem in Georgia
- Automotive Repairs Have Gotten More Expensive Everywhere
Georgia Drivers May See Rates Increase Again in 2024
The added expense of higher car premiums may be a significant burden for many Georgia drivers. But it’s unlikely that those rates will start to fall in the near future.
Due to continued inflation, many of the elements listed above that have driven this latest increase in insurance rates have yet to subside. While the rate of inflation has begun to decrease, many of the costs that insurance companies take into account continue to go up. Other factors, such as the market rates of used cars upon which total loss payouts are based, are also at near-record highs.
Drivers will have a clearer picture of the state of the auto insurance industry when reliable data on accident rates, property crimes and other sources of damage for 2023 starts to come in. However, for now, higher auto insurance premiums in Georgia seem likely to be the new normal for drivers in the state.
David Straughan -Contributor
David is a contributor to the MarketWatch Guides team covering auto insurance news and trends.
Rashawn Mitchner – Managing Editor
Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.