Study: Car Insurance Rates Expected To Rise Again in 2023

Car insurance rates across the country are expected to rise in 2023, according to a study by Insurify, an online insurance marketplace.  

Click here to view the Insurify study.  

In 2022, the average cost of car insurance rose by nine percent to $1,777 per year, according to the study. The average cost is expected to rise by seven percent to $1,895 next year, it found. 

Oklahoma Insurance Commissioner Glen Mulready said changes in public behaviors following the pandemic, like more people driving and getting into crashes, increased costs. 

“There have been a lot of changes in behavior and how outside factors affect that,” he said. Add in inflation and supply chain issues, and customers are facing “really a perfect bad storm of outside factors.” 

Mulready recommends shopping around for better insurance rates to find the lowest payment. 

“When folks contact me personally, I tell them the best thing they can do is shop around. It's a very competitive marketplace with a lot of choices out there. So shop around and see if you can get better rates." 

For more information from the Oklahoma Insurance Department, click here.