Good news for car insurance rates in 2025

Good news for car insurance rates in 2025

Assessment

Interactive Video

Business, Architecture

University

Hard

Created by

Wayground Content

FREE Resource

The video discusses the expected changes in insurance rates for 2024, highlighting an average increase of 7.5% compared to over 16% previously. Rate changes vary by state and company, with New Jersey, Washington, and California seeing the highest increases, while North Carolina, Texas, and Iowa experience the lowest. Companies like American Family, Allstate, and Liberty Mutual are raising rates significantly, whereas Progressive and GEICO have smaller increases. Factors like the cost of EVs, car repairs, and technology impact insurance costs. The report suggests that if current trends continue, rate hikes may decrease in the future.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which states are expected to see the highest increase in insurance premiums?

Ohio, Michigan, and Pennsylvania

Florida, New York, and Illinois

New Jersey, Washington, and California

North Carolina, Texas, and Iowa

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which insurance companies are expected to have the smallest rate increases?

Liberty Mutual and State Farm

American Family and Allstate

Progressive and GEICO

Nationwide and Farmers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a suggested action for consumers regarding their insurance policies?

Stick with their current provider

Shop around for better rates

Cancel their insurance

Increase their coverage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are car repairs contributing to higher insurance rates?

Insurance companies are offering discounts

There are fewer repair shops available

Cars now have advanced technology like cameras and microchips

Repairs are faster and cheaper

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the potential future trend for insurance rate hikes if current conditions persist?

Rate hikes will increase significantly

Rate hikes will continue to decrease

Rates will remain the same

Rates will fluctuate unpredictably