Bankrate, a consumer financial services company, recently published a report revealing that drivers in Georgia spend an average of 3.58% of their income on car insurance. This percentage surpasses the national average, which stands at 3.41% of income allocated to auto insurance.
According to the report, the average driver in Georgia spends $2,610 on car insurance annually, $67 more than the national average. In Atlanta specifically, drivers are spending an average of $2,780 on car insurance per year, exceeding the national average by over $200. The report also noted that the average cost of full-coverage car insurance surged by 26% last year across the country.
The Independent Insurance Agents of Georgia (IIAG) offered one explanation for Georgians' rising insurance costs: an increase in mass tort litigation within the state. The IIAG stated that multiple billion-dollar claim settlements have resulted in higher costs for consumers and led several insurance providers to either exit Georgia or limit their business operations there. Consequently, residents of Georgia are left with fewer insurance options.
According to its website, Bankrate offers resources such as comparison tools to aid consumers in making informed financial decisions. More than 100 million people utilize Bankrate's services each year. The company was established in 1976 under the name Bank Rate Monitor.