Auto insurance rates are increasing in 2022. Here’s how to prepare.
Bankrate’s extensive research has revealed that, in 2022, the average cost of car insurance will probably rise for many drivers. Several major auto insurers, including Allstate, Progressive, Geico and State Farm, increased rates in late 2021 or early 2022 in many states. Allstate and its subsidiaries, for example, have had 20 rate increases approved in 13 states since November 2021. Rate increases from a handful of companies studied vary from around 3% to just under 12%, according to S&P Global Market Intelligence. For example, Geico policyholders in South Carolina may see their renewal policies increase by an average of around 8% starting on April 30.
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