Price of auto insurance policies in California set to skyrocket by the end of the year, report warns

The projected cost by the end of the year is $2,681.Photo bySarah BrownonUnsplash

By the end of 2024, the average cost of an auto insurance policy in California is projected to rise by 54% compared to last year, according to a report from Insurify.

A recent report from insurance tracker Insurify reveals that the cost of full coverage nationwide increased by 28% between June 2023 and June 2024, with California experiencing even steeper rate hikes.

Last June, the average annual cost of full coverage was $1,666. By June 2024, this figure had surged to $2,417, marking a 45% increase, the report found.

The projected cost by the end of the year is $2,681.

The significant rise in premiums is attributed to a surge in insurance claims, extensive storm damages, and rising repair costs, according to Insurify.