The analysis found that while New York car insurance rates are set to increase by 4 percent by the end of 2024, the national increase is projected at nearly 22 percent.
According to the analysis, New Yorkers were paying approximately $3,325 per year in insurance premiums in June, with expectations to rise to $3,484 by year-end, reflecting a 4 percent increase.
Vehicle maintenance and repair costs have risen by nearly 38 percent over the past five years, contributing to higher claims and increased premiums for policyholders.
The report indicates that the rise in car insurance rates is largely driven by record underwriting losses and the growing frequency of severe weather events.
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