Key Takeaways The cost of full-coverage car insurance increased by 15% in the first half of the year, despite industry expert predictions that rate hikes could slow in 2024. The average annual full-coverage premium now costs $2,329, according to Insurify data. Insurify predicts California, Missouri, and Minnesota could see car insurance costs increase by more than 50% in 2024. Damage from severe storms and wildfires contributes to rising rates in the states. Maryland has the highest car insurance costs in the U.S., with an average full-coverage rate of $3,400 annually. New Hampshire drivers pay the least, at an average of $1,000 annually. Vehicle maintenance and repair costs have increased by nearly 38% over the past five years, according to the Bureau of Labor Statistics Consumer Price Index (BLS CPI). Higher repair costs mean insurers pay more expensive claims and policyholders see higher premium hikes.