California auto insurance costs set to rise by 54%, new report says

LOS ANGELES -- By the end of the year, the typical auto insurance policy in California will reportedly be 54% more expensive than last year.

According to a new report published by insurance tracker Insurify, the cost of full coverage across the U.S. increased by 28% between June 2023 and June 2024 - but some states, including California, are seeing year-over-year rate hikes of more than 50%.

Here are some key details:

Avg. annual cost of full coverage (June 2023): $1,666
Avg. annual cost of full coverage (June 2024): $2,417
Year-over-year increase: 45%
Projected annual cost of full coverage (end of 2024): $2,681

The jump is due to increasing claims, storm damages, and costly repairs.

To read the full report, click here.