COLUMBUS, Ohio — Ted Rossman, a senior analyst for Bankrate, said car insurance is one of the larger cost increases this year according to the government’s recent consumer price index inflation report.
"Car insurance prices are going up rapidly,” Rossman said.
Rossman said car rates are going up by about 17% year over year.
Rossman said there are a number of factors contributing to this increase, some of which include the price of cars and car repairs going up. But Rossman said rates are really about predicting risk.
"Where you live matters, because car insurance companies look at things like thefts and accidents and things like that,” Rossman said.
Car thefts may be why some people in the Columbus area are feeling the impacts of rates going up.
"There have been a lot of thefts of Kia and Hyundai vehicles especially those manufactured between 2011 and 2022,” Rossman said.
Janna Zborovsky said her daughter, an Ohio State University student, had her car stolen in the university district last September. The car was found at an impound lot the following day with damages that took several months to repair.
When Zborovsky renewed her policy in March of this year, she said she was shocked by her new rate.
"A hundred dollars per each car per each month,” Zborovsky said.
With three cars on her policy, Zborovsky said she is now paying nearly double her previous rate.
"Financially it was very tough,” Zborovsky said.
When it comes to looking into ways to reduce rates, Rossman suggests shopping around between insurance companies.
But, that method didn’t work out for Zborovsky.
"I was not able to find anyone, any other insurance who would remotely have [a] similar price, it was much more,” Zborovsky said.
Zborovsky said she decided to get rid of her Kia in the hopes that when her policy is up again in September that she will be able to get a lower rate.