JOPLIN, Mo. — It’s costing drivers more this year to keep their vehicles insured, especially in the state of Missouri.
It’s been a turbulent time for car insurance premiums over the last 12 months.
According to financial services company “Bankrate,” the average cost of full coverage car insurance has increased twenty-six percent this year compared to 2023. Don Gould says the same trend might continue into 2025.
“For certain age groups, you’re going to see them going up, their rates going up as much as 80%,” said Don Gould, Don Gould Agency.
According to that same study, Missouri tops the list for states seeing the highest rate increase, whether it was for full or minimum coverage. It’s not just where you live that could affect your insurance.
“There are many companies that are notifying us not to write any business until further notice, there are companies that will not insure Kia’s and Hyundai’s, and the ones that do have very high premiums,” said Gould.
Gould says there are several factors leading to the hike in premiums, including the increasing occurrence of insurance fraud, natural disasters, theft of catalytic converters, and car theft. All of which he says is creating a cascading effect.
“What that’s going to do is the people who cannot afford it and drive without insurance, are going to cause accidents and therefore that causes more claims for the people who do care insurance and it makes their rates go up,” said Gould.
Before buying any brand new, or new-to-you car, he says you should check with your insurance agent ahead of time to make sure you’ll be able to afford to keep it insured.
