What we’re seeing

Alkami Research has recently examined the impact of inflation and high interest rates on consumers as shown in the Alkami 2024 Telemetry Report revealing auto prices have gone up. It is no surprise that the cost to insure automobiles has increased too. 

From January 2022 to May 2024, the average monthly cost of auto insurance has increased by 27.8 percent, from $194.96 to $248.70. This means consumers are paying $650 more annually to insure their vehicles today than at the beginning of 2022. 

From car pricing, to interest rates, to insurance premiums, owning a vehicle is much more expensive than it used to be.

Takeaway and Call to Action

For those financial institutions that sell insurance, identifying payments made to competitive automotive insurance companies is a great way to find qualified leads to grow your insurance business. Consumers may welcome the opportunity to shop on price, ultimately saving money.