The State of Car Insurance 2023: Car Prices Dropping, Insurance Rates Stay High

NEWPORT BEACH, Calif. - March 14, 2023 - PRLog -- The average cost of full coverage car insurance for 2023 is $233.60 per month, based on SmartFinancial data, with a wide range based on which state drivers live in. For instance, rates in Idaho are as low as $59.46 per month and as high as $400 a month in Florida.[1]

The good news is that car prices are prices are expected to drop by 10%. Used car prices are dropping even more. [2]

Car Prices Are Dropping, Insurance Remains High Car prices were up 4.2% year-over-year in January 2023, and while they are dropping they remain 30% higher than they were before the pandemic. The prices on used cars have already already peaked and fall

State  2023 Average Car Insurance Rate   2022 Average Car Insurance Rate

AL      $137.19          $123.75

AR      $124.47          $110.61

AZ      $254.14          $135.27

CA      $178.76          $181.03

CO      $264.13          $154.31

CT      $295.39          $165.05

DC      $175.70          $195.14

DE      $123.74          $144.63

FL      $400.00          $254.58

See how the rates in your state compare (for a full list visit our article at https://smartfinancial.com/state-of-car-insurance