Car insurance prices in Oregon have jumped by 25% (2024)

FAQs

Car insurance prices in Oregon have jumped by 25%? ›

It seems like the cost of living is going up everywhere in America — from runaway housing prices to rising food costs to surges in insurance premiums. The residents of Oregon, Maryland and Virginia have been feeling this pain more keenly than some, as they've seen their premiums rise by a whopping 25%.

Car accidents and traffic violations are common explanations for an insurance rate increase, but other reasons why your car insurance rate can go up include changing your address, adding a new vehicle or driver, increases to claims in your ZIP code, and increases to car repair/replacement cost.

In Oregon, weather events like droughts, wildfires, and floods are becoming increasingly common. These weather events cause insurers to pay out a higher number of claims, which tend to be more expensive and less predictable. As a result, they have to raise rates to keep pace.

With increasing costs across various parts of the automotive industry, from higher average repair costs to continuing supply chain issues, auto insurance companies have needed to raise rates to turn a profit.

Why Is My Car Insurance So High? Your car insurance may be expensive because of your driving history, location, vehicle or credit history. Recent insurance claims and violations can increase your rates for three to five years. On the other hand, it's possible you also just have a more expensive car insurance company.

Increased car repair expenses for parts and labor and higher replacement costs can lead to insurance rate hikes. Additionally, economic factors, such as inflation and changes in interest rates, can impact insurers' investments, prompting them to adjust premiums to maintain their financial stability.

Car insurance typically drops as you grow older, when you drive safely for three to five years following an accident or citation, and when you switch to a cheaper company. Both men and women see the steepest drop in car insurance costs between ages 18 and 19.

The average annual premium for full coverage car insurance in the U.S. rose 26% to $2,543 compared to last year, according to Bankrate. Fewer auto mechanics, a tighter supply of used vehicles and increased health care bills are fueling rising prices. As premiums have spiked so too have the number of uninsured drivers.

Your Progressive car insurance rates may have gone up due to an auto accident, a traffic violation, an address change or a new vehicle being added to your policy. Other potential reasons why your Progressive premium went up include factors out of your control, such as increased claims in your ZIP code.

Does credit score affect car insurance? ›

Your credit score can influence your car insurance rates in most states, where your financial track record can significantly affect your premiums.

Does Progressive raise rates after 6 months? Your Progressive rates may increase after six months depending on a number of factors.

The car you drive

Generally, a new car costs more to repair after an accident. New cars are also at a higher risk of break-ins or theft. So, if you're thinking about buying that dream car you've always wanted, talk to your insurance company about how your rates will be affected.

Regardless of where you live or your gender, young drivers generally pay the most for car insurance, largely because of their lack of driving experience. Men also typically pay higher rates than women because males are more likely to engage in risky driving behaviors.

Additionally, older cars may not have as many safety features as newer cars, which might increase the cost of auto insurance and reduce available discounts. The impact of vehicle age on your car insurance premium may depend on your car's make and model.

Is it normal for car insurance to increase every year? It's not uncommon for your rates to go up annually, even if you haven't filed a claim. This can be caused by inflation, an increase in claims in your area or any number of other reasons.