themvp logo
Call for a Free Case Evaluation, Available 24/7
(833) MVP-WINS
Car insurance rates on the rise by 8.4% in 2023

Car insurance rates on the rise by 8.4% in 2023


These days, it seems as though everything is more expensive. From food costs to rent, chances are we are all feeling the impacts of inflation. Pretty soon, there will be another increase on a major expense. Car insurance rates are expected to increase across the U.S. by 8.4% this year, according to Value Penguin. Insurance premiums are predicted to go up by $101 in California, making the new average $2,291, according to a study by Bankrate.

Insurance companies have been granted rate increase approvals following the coronavirus pandemic, when they complained they were losing money as people stayed off the roads. So far, 20% of the insurance market has been receiving these rate increases. Geico, Mercury, and Allstate have increased by 6.9%, while smaller insurers have increased as much as 20%.

According to president of ConsumerWatchdog, Jamie Court, more rate hikes are coming soon. "We're talking about hundreds of dollars per person, and we're also talking about 20% of the market has now had rate hikes. So we have about 80% of the market that are asking for rate hikes."

The reasoning behind this steep increase? Inflation is only one variable. Rising costs of parts and labor, higher amounts of accidents, vehicle thefts, and an all-time high number of personal injury judgments are all to blame. Wildfires and supply-chain disruption have also been named contributing factors specific to California.

The increase in your insurance premium may be inevitable. However, there are a few steps consumers may be able to take to save as much as possible.

Compare pricing. Research the pricing of coverage packages for multiple companies so you can pick the most cost-effective option.

Bundle coverage. Many insurance companies offer a discounted rate if you choose to bundle auto and homeowners or renters insurance.

Consider your deductible. If you have a substantial emergency fund, it may be worth considering paying for a plan with a higher deductible, lowering overall monthly costs.

Mileage matters. The number of miles you drive impacts how much you pay for insurance. If you are driving less than you were when you bought your policy, be sure to make your insurer aware.

The best way to reduce your rising premium? Practice good driving habits to avoid getting into an accident. This includes allowing yourself extra time to get to your destination, following speed limits, avoiding using your cell phone while driving, and paying close attention to the road at all times.

Despite the rising costs, it is important to ensure you are enrolled in car insurance. Not only is it the law for drivers in California, but it also protects you against extreme financial loss in the event of an accident. With more drivers on the roads and with reckless driving behaviors becoming increasingly common, car accidents are at an all-time high. Should you ever find yourself the victim of a car accident, MVP is here to help. Our legal team can help guide you through the aftermath of your accident and help you recover the cost of associated damages. Contact us today to schedule a free case evaluation.


brett sachs2
Brett Sachs

Brett S. Sachs graduated from Michigan State University College of Law with Cum Laude Honors. While attending Michigan State, Brett was awarded for his service in the Michigan State University College of Law Civil Rights Clinic, where he represented prisoners of the Michigan Department of Corrections from injustices brought upon them. Learn more.

stars large
5.0 rating of 289 reviews

Top-Rated Lawyers

Last year I had an accident and my car was totaled. I was very upset and didn't know what to do. A friend told me to call MVP and it was the best decision ever. They got my car paid off very fast, set me up with a doctor, and just last week I got a fat check for my pain and suffering. Thank you MVP!
lizbhett rodriguez
Lizbhett Rodriguez
MVP Accident Attorneys was the best decision ever made. They helped me through the process and made it stress free for me. It was first accident and i was super stressed because i didn’t know what to do. I called MVP and was treated so kindly by amazing people who went over my accident with me and any questions i had. They have a whole team! I was then helped by attorney and case managers who set me up with treatment so I can get all patched up. Finally, the liens department took care of all my bills and made sure i had nothing to worry about. 11/10 would recommend them to family and friends! You cannot go wrong with MVP
generic user
Jason Acosta
sidebar image

When You’ve Been Injured

check orange
We Are Available To You 24/7
check orange
All Initial Consultations Are Free
check orange
You Don’t Pay Unless We Win Your Case
check orange
We’ve Recovered Millions Of Dollars For Our Clients
check orange
We Are Highly Experienced And Have Handled Thousands Of Cases
check orange
We Take A Modern Approach To
Personal Injury Law
check orange
We Know How To Maximize Your Results
Our highly experienced lawyers will contact you for a Free Legal Consultation.

    The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
    Contact Us
    Irvine, California
    Phone - (949) 944-1000
    Fax - (949) 944-1111
    4 Park Plaza ste 850, Irvine, CA 92614, United States
    Los Angeles
    Phone - 213-863-5003
    Fax - 213-863-5883
    Address - 145 S Spring St #850, Los Angeles, CA 90012
    Phone - (916)-980-8000
    Fax - (916)-980-8888
    Address - 1201 J St ste 200, Suite 335, Sacramento, CA 95814
    Email Address
    Toll Free:
    (833) 687-9467
    © 2023 MVP Accident Attorneys. All rights reserved.
    © 2023 MVP Accident The information contained on this website is intended to introduce prospective clients to MVP Accident Attorneys, and is not to be considered a legal opinion or an offer to represent you. This website is not intended to establish an attorney-client relationship. Emails sent to MVP Accident Attorneys using any of their email addresses, through the use of this website, would not be confidential and would not create an attorney-client relationship.. All rights reserved.
    Send a Message
    Call Now