Auto insurance rates across the country are expected to rise in 2023, according to a study by To assurean online insurance marketplace.
Click here to see the Insurify study.
In 2022, the average cost of car insurance rose 9% to $1,777 per year, according to the study. The average cost is expected to rise 7% to $1,895 next year, he found.
Oklahoma Insurance Commissioner Glen Mulready said changes in public behaviors as a result of the pandemic, such as more people driving and having accidents, have increased costs.
“There have been a lot of changes in behavior and how outside factors affect that,” he said. Add to that inflation and supply chain issues, and customers face “really a perfect bad storm of outside factors.”
Mulready recommends researching better insurance rates to find the lowest payout.
“When people contact me personally, I tell them the best thing to do is shop around. It’s a very competitive market with lots of choices. So shop around and see if you can get better rates.”
For more information from the Oklahoma Department of Insurance, Click here.