Car insurance policies are typically required to legally drive your vehicle. However, rates for coverage have dramatically increased over the years. Because of the change in price, many people are searching for cheap ways to protect their vehicles. Now, it seems regardless of whether you get one of the best new cars or a used one, the price of coverage is going up even more for a few big reasons, with the shortage of auto mechanics being one. 

Car insurance rates are getting more costly for drivers

According to Fox Business, American drivers won’t be getting a break on their car insurance policies anytime soon. Unfortunately, prices went up an average of $2,329 during the first half of 2024. This figure is 15% more than what policyholders paid in 2023. Things may get even more bleak. Predictions say the average cost could be up to $2,469 by the end of the year. As most drivers know, this has been a trend since the pandemic. 

Notably, rates for insurance policies shot up 48% between 2021 and 2023. Because of rising prices, many drivers have decided to forgo the best new cars when buying. Now, more people are going with gently used models because they mean cheaper car insurance policies. Still, even some used cars have expensive insurance rates. 

Many may wonder what has caused the cost of car insurance policies to shoot through the roof. It may sound cliche, but the pandemic is one of the most significant factors. This is the case partly because supply chain issues combined with demand have forced vehicle prices to rise, which in turn has made rates more expensive. 

Additionally, there is a shortage of auto mechanics. This leads to more expensive repairs and fewer options to get vehicles fixed. Of course, car insurance policies are also more costly because companies lost money after the pandemic and are trying to make up for those times.