The amount which the typical car owner pays in insurance may increase 22% throughout the entirety of 2024, according to a new report from insurance comparison shopping site Insurify.

The analysis noted that the projected overall 22% increase in 2024 follows a substantial rise in 2023, as well as an acceleration from the 15% increase recorded in the first half of 2024. The average car owner can expect to pay over $2,400 annually in full coverage premiums, which could reach $2,500 by the end of the year, a trend attributed to broader inflationary pressures.

Insurify commented that the higher expenses are indeed driven by “the rising cost of vehicle repairs and the skyrocketing price of new cars” as well as extreme weather events, all of which strain the budgets of insurers as they start to “pay out more than they earn in profit.”

The typical car owner could expect to pay $1,700 in annual full coverage premiums as of 2019, meaning the cost of car insurance has increased 45% since the lockdown-induced recession.

Some states, such as South Carolina and Maryland, have passed laws to increase the financial responsibility imposed on insurers. Maryland had the most expensive full coverage car insurance premiums in the nation as of this summer at an average of $3,400 in annual expenses. New Hampshire had the least costly at an average of $1,000 in annual expenses.

Other states with elevated car insurance costs, such as Florida, Louisiana, and Nevada, face threats from hurricanes, wildfires, and other severe weather. New York, which has the highest number of car thefts in the country, also has some of the most expensive car insurance costs.