The average yearly auto insurance premium in Arizona is about $2,000, according to a June report from insurance comparison site Insurify.
The site predicts rates will jump to around $2,200 by the end of the year.
Data from the state Department of Insurance and Financial Institutions shows rates jumped 9% between 2018 and 2022. Insurify expects rates to spike by 22% this year alone.
Both Insurify and the department say the main reasons for the hikes are more expensive cars and maintenance.
Department spokesman James McGuffin says the state does not set rates and is only allowed to make sure there are enough options for consumers.
“The claims that are being paid by insurers are actually increasing, you know for a variety of reasons. But that’s one of the things, the more they pay out, the more insurers pay out the more rates go up," he said.
McGuffin says the state can only check to make sure consumers are treated equally.
-
A new Valley Metro survey shows improvement in ridership experience. That’s paired with a drop in light-rail security incidents as more safety measures have been put in place. -
Air travel could get even tricker today as the FAA is set to implement a 6% reduction in flights nationwide, up from 4%. And air traffic controllers have now missed a second payday. -
The Federal Aviation Administration has ordered 13 partial airport closures, including at Sky Harbor Airport in Phoenix. The closure is not affecting commercial flights. -
Owners of electric vehicles are in for some changes when it comes to how long they can sit at a charging station in Tempe. The city recently amended its own ordinance to increase accessibility to chargers. -
The Arizona average is $3.36 a gallon, which is 4 cents higher than last week.
