PALM BEACH, FL – As record-breaking inflation continues to put a strain on the wallets of Americans, you can add the costs associated with owning and maintain your automobile to that back-breaking list as well, with car insurance premiums and visits to the repair shop showing a distinct increase as well lately.
As per a recent study that looked at comprehensive policies – which is coverage that protects against damage to your vehicle caused by non-collision events that are outside of your control – motorists in the U.S. are now paying an average of $2,014 annually to insure their cars, which represents an increase of 13.7 percent year-over-year.
Based on the average salary, that is approximately 2.9 percent of the typical yearly household income.
However, when specific regions are looked at, it reveals that some areas have been hit harder than others in terms of rising auto insurance premiums. For example, premiums in Orlando, Florida rose 22.6 percent over the past year, and in Phoenix, Arizona, they jumped 17.3 percent.
Vehicle owners in Miami and Tampa are currently paying over 5 percent of their annual household incomes on average for insurance premiums; in Detroit, Michigan, that number is 4.8 percent.
In contrast, some of the more affordable markets for auto insurance currently are Boston, Seattle and Washington, D.C., where the percentage of annual incomes being spent on premiums hovers between 1.3 and 1.5 percent.
Now more than ever, motorists are encouraged to shop around and get insurance quotes from multiple agencies; this is especially important if you have a clean driving record, and your credit scores are solid, as you can procure substantial savings… and with inflation being what it is today, every penny saved is indeed a penny earned.
Christopher Boyle is an investigative journalist, videographer, reporter and writer for SEARCHEN NETWORKS® and The Published Reporter® as well as other independent news and media organizations in the United States. Christopher works on a wide variety of topics and fields, has been featured in print and online in a variety of publications, from local to national, and helps keep a keen-eye on what’s happening in the automotive world for Auto Buyers Market.