Car insurance rates have skyrocketed in Georgia, stats show
ATLANTA, Ga. (WRDW/WAGT) - A report from MarketWatch found that insurance rates in Georgia went up 22% between 2022 and 2023.
That increase amounts to an average of $356 more for auto coverage per year, roughly $30 more a month.
Mimi Brown said the cost of her insurance and the cost of gas keeps going up.
“My son is about to turn 16 in the spring. I’m going to have the sit-down and research car insurance for my son because I don’t know how we are going to do this,” said Brown.
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The study attributes Georgia’s rising costs to an increase in accidents, expensive car parts, and more stolen cars. According to the Insurance Information Institute, Georgia ranks 10th in the country for most car thefts.
In the past year alone, there was a 35.4% increase in traffic fatalities per million miles traveled in the state.
According to the US Bureau of Labor Statistics, auto repairs and maintenance are up 21.4% between 2019 and 2022.
Rob Young is an insurance broker with Concierge Insurance Group. He said despite what people think, insurance companies are losing money in Georgia.
“This is the first time in my career that I’ve had insurance companies come to me saying ‘If you want to slow down how much business you’re giving us that would be fine.’ We live in a litigious society and that’s your greatest risk. Insurance is more catastrophic things,” said Young.
Here are some tips to lower your :
- Shop around for cheaper coverage options
- Look for discount tools offered by insurance companies
- Consider a smaller or cheaper car
- Drive carefully to avoid moving violations
Young said you should shop around for cheaper insurance every 3 years.
To read the full report, click here.
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