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   XPost: alt.politics.democrats, sac.politics   
   From: shoot@boons.com   
      
   OAKLAND, Calif. - A new report identified California among the three states   
   that could see auto insurance rates spike by more than 50% by year’s end.   
      
   Insurance marketplace website Insurify said the Golden State had some of the   
   fastest-rising auto insurance rates in the country, with a year-over-year   
   increase of 45% as of June.   
      
   In June 2023, the average annual cost for full coverage was $1,666. A year   
   later, the average spiked to $2,417, according to Insurify.   
      
   The report predicted the total increase in 2024 to be 54%, projected to soar   
   to an average of $2,681.   
      
   Researchers said that among the factors that can drive up premiums were auto   
   thefts.   
      
   The National Insurance Crime Bureau said nationwide, California accounted for   
   the highest number of vehicle thefts last year.   
      
   Insurify also noted that insurance regulations in California, designed to   
   protect consumers, have been a double-edged sword.   
      
   "During COVID-19 shutdowns, states like California put a freeze on rate   
   increases. That’s why so many people saw drastic rate hikes in 2023 after   
   those restrictions were lifted," said Mallory Mooney, Insurify’s director of   
   sales and service.   
      
   Mooney said that some insurance companies were still playing catch up in   
   California while others have pulled out of some markets entirely, so the   
   industry continued to make adjustments.   
      
   SEE ALSO: State Farm requests home insurance rate increase in California   
      
   The report also said that premiums were being affected by Senate Bill 1107,   
   which will increase minimum auto coverage requirements in the state.   
      
   Insurify said the legislation will double, and, in some cases, triple the   
   liability limits on policies.   
      
   For bodily injury or death of one person in any accident, the coverage will go   
   up from $15,000 to $30,000.   
      
   For property damage per accident, it would go up from $5,000 to $15,000.   
      
   Signed into law by Governor Gavin Newsom in 2022, SB 1107 will go into effect   
   on Jan. 1.   
      
   https://www.foxla.com/news/california-could-see-car-insurance-ra   
   es-soar-more-than-50-year-heres-why   
      
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