Inflation: Car insurance prices up 17% since 2020, says study

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Car owners across the U.S. are paying about 17% more for car insurance starting in the year 2020 in a researchby Insurance company Insurify.

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The coverage of vehicles is now $1,750 a year.

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Michigan residents pay highest for insurance on their vehicles -at an average of $2,510 annually.

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It's 55% more than the average of $762/year that car owners pay in Hawaii The most affordable state in terms of coverage.

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Inflation, traffic accidents medical expenses, and repairs to vehicles contributed to rising prices.

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"While we saw the economy accelerate and demand rebound following the pandemic, Americans' overall cost of living,

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 including insurance, increased in 2022 due to built up pandemic-related disruptions and increased inflation,"

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Snejina Zacharia the CEO of Insurify stated to Yahoo Finance.

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For automobiles, the most expensive insurance premium is for the Infiniti Q5 for $3149. Tesla's ( TSLA) Model 3 is the second most expensive car to insure at $3,040 a year

Credit: google.com

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