10 Largest Auto Insurance Companies Raised Rates by Double Digits in 2023 and More Expected in 2024
The Top 10 insurance companies all raised rates by at least 10%, and some as high as 34% in 2023, with more increases expected in 2024. Is your company on the bad list?
A new report released on January 6th, 2024, lists the top 10 insurance companies and the rate increases over the last 5 years. There have been significant increases in 2022 and 2023, and most of these companies are indicating they need more increases in 2024.
Starting with the smallest increase and ending with the largest, if your company is on this list, please reach out to the team as soon as possible to receive quotes for your auto and home insurance. Remember, Trailstone Insurance Group works with more than 40 “A” rated insurance companies, and they will generally provide better pricing and coverages than you currently have.
Cumulative Increases for 2022-2023 by Insurance Company
First on the naughty list is…
10. Progressive: Came in with an increase at 22.8%
9. Travelers: Came in at 24.4%
8. American Family: Came in at 26.4%
7. USAA: Came in at 26.5%
6. State Farm: Came in at 27.5%
5. Nationwide: Came in at 27.8%
4. GEICO: Came in at 29.1%
3. Allstate: Came in at 30.0%
2. Liberty Mutual: Came in at 31.1%
1. Farmers Insurance: With a whopping 34.7% increase!
The Impact
This is potentially hundreds, if not thousands, of dollars more per year on your auto insurance!
Most people have not received raises anywhere close to these numbers. So, if you’re with one of the companies mentioned, here’s the good news I promised you!
How Trailstone Insurance Group Can Help
Trailstone Insurance Group is an independent insurance agency. This means we can shop your auto and home insurance with more than 40 insurance companies. We will find you the best option for your insurance with our seamless “shop and move” process.
Don’t continue to pay too much for insurance. Give us a call now!
FAQs
Why are auto insurance rates increasing so much?
Auto insurance rates are increasing due to a combination of factors, including higher claim costs, increased repair expenses, and changes in risk assessment. Insurance companies adjust rates to remain profitable and cover these rising costs.
How can Trailstone Insurance Group help me save on insurance?
Trailstone Insurance Group works with over 40 “A” rated insurance companies, allowing us to shop around and find you the best coverage and pricing available. Our team handles the entire process, making it easy and hassle-free.
Is there a cost to use Trailstone Insurance Group’s services?
No, there is no cost to use Trailstone Insurance Group’s services. We provide personalized assistance and find you the best insurance options at no additional charge.
What should I do if my insurance company is on the list?
If your insurance company is on the list, it’s a good idea to shop around for better rates. Contact Trailstone Insurance Group to explore your options and find more affordable coverage.
How often should I shop for new insurance rates?
It’s recommended to shop for new insurance rates annually to ensure you are getting the best deal. Insurance rates can change, and shopping around helps you stay informed and find better options.
Can Trailstone Insurance Group help with both auto and home insurance?
Yes, Trailstone Insurance Group can help with both auto and home insurance. We offer comprehensive coverage options and will work to find the best rates and policies for your needs.