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Stock impact report

27% Car Insurance Spike Expected In VA For 2024 [Yahoo! Finance]

CCC Intelligent Solutions Holdings Inc. (CCCS) 
Company Research Source: Yahoo! Finance
Neighboring Maryland pays the most for car insurance, at $3,400 annually. New Hampshire drivers pay the least, at an average of $1,000 annually. Increasingly severe and frequent weather events are driving up auto insurance premiums nationwide. Hail-related auto claims represented 11.8% of all comprehensive claims in 2023, up from 9% in 2020, according to CCC Intelligent Solutions. Virginia's car insurance on average is $1,999 in June 2024, according to the insurance website, which cited climate change, increased car thefts and new legislation as reasons rates are going up nationally. During COVID-19 shutdowns, many states froze rate increases, so many people saw drastic rate hikes in 2023 after those restrictions were lifted, said Mallory Mooney, director of sales and service at Insurify, according to the website. “Insurers are still playing catch-up, and it's too little too late for a lot of them. Insurers have had to pull out of some markets completely.” Nationally, Insur Show less Read more
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