And how switching your home insurance to Mutual Assurance may help offset the added expense.
According to a recent report by Value Penguin, Virginia drivers have seen the 10th-highest increase in auto insurance rates for 2023.
Nationwide, personal auto insurance rates will grow around 8%-9% this coming year, which will be the biggest increase in car insurance costs since 2017. The average annual cost for full coverage car insurance is projected to reach $1,780 in 2023.
Virginia personal auto insurance rates are forecasted to increase 12.6% with an annual cost of $1,416, still below the national average, but a hit to wallets nonetheless.
What's Causing The Increases
A number of factors are affecting auto insurance rates for 2023. Some are understandable, but others may need a little more explanation.
Higher driving rates. As more drivers return to work in offices, more drivers will be on the road, increasing the chances of collisions.
More severe accidents. As it turns out, drivers have become more aggressive since the pandemic, and increasing speeds as well as more daring lane changes and tailgating are leading to accidents that cause greater damage to cars and more severe injuries to drivers and passengers.
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