High car insurance rates are yet another thorn in the side of most Americans.
Texas has the 14th most expensive auto insurance in the country, according to Bankrate. Florida is way out front with the most expensive and Maine comes in as the cheapest. Michael Barry of the non profit Insurance Information Institute tells us why. "There are more accidents. There are bigger repair costs. There are higher medical bills. These are all the increases that auto insurance companies are seeing - and now unfortunately drivers are seeing it as well!"
In the U.S. policy prices are going up an average of 5% a year and are higher in states with more instances of car theft, or weather with flooding or trees falling on vehicles.
A recent Bankrate study finding the most expensive to be Florida with average yearly full coverage over 3 thousand dollars followed by New York and then surprisingly Louisiana - partially because of being a target for dangerous weather. Barry says prices will continue to grow - and here's his advice. "Most people are going to tell you to 'shop around' --- but if you're happy with your provider and want to stay with them - you want to make sure you get all of the discounts to which you are entitled!"
Do some homework, save some money.
photo:Getty
Auto Insurance prices keep on rising!