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15 states where car insurance rates will rise in the first half of 2020

Published by Business Insider on Sat, 25 Jan 2020


/* Business Insider / Auto Insurance Content Pages */var MediaAlphaExchange = { "data": { "zip": "auto" }, "placement_id": "RxLRBKtcQejwbKRhebUT0f87Cp5b7w", "sub_1": "states-about-to-raise-car-insurance-rates-2020-1", "type": "ad_unit", "ua_class": "auto", "version": 17};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 aroundfor auto insurance coveragein these 15 states.Read more personal finance coverage.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.15. ArizonaOver 93,000 Arizona customers will see their rates increase in 2020, with several companies raising rates in the Grand Canyon State.Number of policyholders affected: 93,903Average rate increase: 6.94%14. WisconsinIn Wisconsin, over 100,000 drivers will find that their rates are higher than they were last year.Number of policyholders affected: 104,210Average rate increase: 6.28%13. NevadaMany Nevada residents will find their car insurance rates increasing in 2020.Number of policyholders affected: 113,799Average rate increase: 4.46%12. West VirginiaWest Virginia drivers will see their insurance get more expensive in 2020.Number of policyholders affected: 128,399Average rate increase: 6.88%11. ConnecticutConnecticut drivers will see rates go up by just over 3.5%.Number of policyholders affected: 132,601Average rate increase: 3.73%10. KansasInsurance is getting more expensive in Kansas for several thousands of customers, who will see their rates spike over 8%.Number of policyholders affected: 138,063Average rate increase: 8.23%9. GeorgiaCar insurance is getting more pricey in Georgia, where over 150,000 drivers will see their rates go up.Number of policyholders affected: 152,962Average rate increase: 5.68%8. VirginiaOver 200,000 Virginia residents will see their rates increase by an average of about 4%.Number of policyholders affected: 202,389Average rate increase: 4.10%7. New YorkCar insurance in New York is already expensive. But nonetheless, rates will be surging by about 5.5% in this state.Number of policyholders affected: 223,368Average rate increase: 5.51%6. PennsylvaniaMany Pennsylvania drivers should expect to see increases to their premiums in 2020.Number of policyholders affected: 274,771Average rate increase: 3.91%5. MassachussettsNearly half a million Massachussetts drivers will be seeing changes to their premiums.Number of customers affected: 452,741Average rate increase 5.30%4. MichiganMichigan is already one of the most expensive states for car insurance, and a 5.3% increase won't make it any cheaper for more than half a million residents.Number of customers affected: 500,857Average rate increase: 5.31%3. IndianaMore than a tenth of Indiana's 6.6 million residents will see their car insurance rates increase.Number of customers affected: 578,994Average rate increase: 3.56%2. IllinoisMany Illinois residents will be seeing their car insurance premiums increase by 4%.Number of customers affected: 678,278Average rate increase: 4.02%1. South CarolinaJust under a quarter of South Carolina's residents will see their car insurance rates go up, with over 1 million policyholders affected.Number of customers affected: 1,284,303Average rate increase: 6.74%How did we get this ranking'Every insurance company is required to notify and get approval from state regulatory boards before making changes. Business Insider gathered data from S&P Global Marketing Intelligence and the National Association of Insurance Commissioners from over 1,100 rate change filings from companies across the US. This data looks at personal auto insurance policies only, including policies bundled with homeowner's insurance.These 15 states are ranked by totaling the number of policyholders whose rates will increase in 2020, and the average calculated as the average of all proposed rate increases in the state.Note that since every insurance company files separately, there may be more rate changes for auto insurance policyholders on the horizon. The states listed here account only for the rate changes that have already been submitted, which will mostly take place in the first half of 2020.Also, auto insurance rates vary by person. If you have an accident or other event, your rates will change accordingly on an individual basis.More personal finance coverage4 reasons to open a high-yield savings account while interest rates are down It took less than 10 minutes to open a high-yield cash account with Wealthfront and earn more on my savingsHow to buy a house with no money down When to save money in high-yield savingsBest rewards credit cards7 reasons you may need life insurance, even if you think you don't
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