Average cost of car insurance expected to increase in 2023, experts say

ORLANDO, Fla. — Triple-A says the average cost for a gallon of gas in Florida has dropped for five consecutive weeks, but drivers should still expect to spend more on their cars next year.

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Consumer experts say the cost of car insurance is going up. According to the group Insurify, drivers can expect to pay approximately $10 more per month next year.

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According to Insurify’s data, the average driver has been paying about $1,777 a year for car insurance. They expect that number to jump by seven percent to $1,895 next year, almost 30 percent more than just two years ago.

Experts say there are at least three reasons for the increase. First, people are driving more. Second, cars and car parts are more expensive because of inflation and lingering supply chain issues.

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Finally, experts say drivers are getting into more accidents. Safety groups say there’s been more reckless driving since the COVID-19 pandemic started.

The increased cost and number of claims mean higher insurance rates.

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To help offset higher rates, drivers can ask their insurance company about available discounts, and shop around for better options.

Owning a less expensive car and maintaining a good driving record can also help keep insurance rates low. Drivers may also want to go with less coverage, or a higher deductible, but should weigh the pros and cons very carefully before making that decision.

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