How much will insurance companies charge for car insurance?
Insurance companies are already paying more for car coverage than they were five years ago, with average annual premium increases of 25% in 2017, according to a new report from the Insurance Institute for Highway Safety (IIHS).
The IIHS said premium increases for 2017 have been the highest since the program started in 2010.
The IIS estimates that, from 2020 to 2020, premiums for premium-priced insurance rose by 17.4% on average across the United States.
The average annual increase was 5.5%.
The increase in premiums comes after insurers announced a series of price hikes to help offset rising costs from the health care law, including a 10% hike on 2017-19 premiums.
In 2019, insurers saw a 12.5% premium increase, the largest increase in a single year since the ACA began.
According to the IIHS, insurance premiums rose by 2.5 times the average annual growth rate of inflation from 2010 to 2017.
The report also found that the average increase in insurance premiums is expected to grow by 2% per year for the next decade.