LOS ANGELES — Auto insurance has been skyrocketing across the country, and California drivers need to brace for an even bigger jump by the end of the year, according to an online insurance broker.
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Insurify, which offers auto, home and other insurance products online, has released a study that finds the average automobile insurance rate nationwide has increased 15% in the first half of the year and predicts rates will continue to climb, reaching 22% by the end of this year.
It only gets worse for California drivers. Insurify’s study expects rates in the Golden State to jump by 54%, more than double the national average.
“We are definitely seeing double-digit rate increases, and those are a little bit higher in California than they are in some places,” said Carmen Balber, the executive director of Consumer Watchdog, a longtime tracker of California insurance rates.
Although she doesn’t endorse the Insurify numbers, she does say that California auto rates are unfairly high.
“Sometimes, the Department of Insurance does not give rate increases the scrutiny that they need,” she said.
The Department of Insurance wouldn’t go on camera for this report, but issued a statement reading:
“The Department’s rate regulation experts take the lead in thoroughly analyzing each rate change request to ensure that what is being requested by insurance companies is compliant with California laws and justified.
While rate changes have been approved under the auspices of Proposition 103, if proposed rates are excessive, the Department requires insurance companies to reduce the proposed rates.”
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