Why Americans will have to budget even more for car insurance in 2023 | USA TODAY

Why are car insurance costs rising? Here's how much more you could pay in 2023.
RELATED: Weather events could impact your home insurance rates. Here's why.

People are spending more of their money on auto insurance, and that cost is likely to continue growing.

Drivers nationally are spending an average of 2.93% of their income on car insurance this year, based on an average annual premium of $2,014 for full coverage insurance and the national average annual income is $68,852, Bankrate said. That amount rose from 2.57% in 2022 when the average premium was $1,771. And the difference means car insurance rates increased by nearly 14% between 2022 and 2023, compared with an overall rise in yearly inflation of 6.5% in December.

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