- Car insurance rates are on the rise for about 5.6 million drivers across the United States in the first half of 2020, according to data gathered by S&P Financial Services.
- The state most widely affected is South Carolina, where over 1 million drivers will see their premiums increase in 2020. Other states with rising premiums include Illinois, Indiana, and Michigan.
- With each company moving its rates independently, it might be time to shop around for auto insurance coverage in these 15 states.
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Let's face it: Car insurance pricing is an enigma to most drivers. While it's frustrating enough to know your car insurance rate can be calculated based on factors you can't control, it's even more difficult to find out your rate has increased when you renew your policy.
That's happening for about 5.6 million Americans renewing their auto policies in 2020. Of about 246 million private auto insurance policies in the US, about 2%, are projected to see a rate increase as of January 16, 2020.
In these 15 states, it might be worth shopping around for car insurance, as all insurance companies move and change their rates independently. While the rates could still change in the future at any time, any changes, including rate increases, are subject to approval by the Department of Insurance. This data only considers changes to premiums. To see the complete methodology for this post, scroll to the end.
Here are the states where drivers can expect to see jumps in their car insurance premiums in 2020, from least to most policyholders affected.
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