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Car Insurance Rates Spike 17% in the First Half of 2023; Another 4% Rise on the Way

Inflation, climate change, and insurer losses driving rate increasesCAMBRIDGE, Mass.--(BUSINESS WIRE)--The average annual cost of a car insurance policy surged $240 to $1,668 in the first six months of 2023, up from $1,428 in 2022. Prices will increase another 4% before the end of the year, according to Insurify’s latest auto insurance report. The report attributes these increases to insurers experiencing high losses as a result of soaring auto repair prices and the effects of climate change. “Vehicle…