In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. The mass retreat of insurers from the state means there is nothing to offer people seeking new home or auto insurance, he said. The monthly premium of his Geico auto insurance, he said, has shot up 72% in less than a year, from $130 in April to $223 now. Among the factors pushing up the price of auto insurance: Prices of new and used cars, and parts, have risen, more people are driving expensive vehicles, and extreme weather is destroying more cars. “For many Californians, this is an insurance emergency," state insurance commissioner Ricardo Lara told state legislators in December.

Source: Wall Street Journal January 08, 2024 20:38 UTC