Minnesota Drivers Beware: This Tiny Culprit is Causing Auto Insurance Rates to SKYROCKET

If you live in Minnesota and were shocked at your last auto insurance bill, you might be even more shocked to find out what's behind it.

Minnesota is in the crosshairs of the insurance companies, with the highest percentage of increase projected in the entire nation for 2024, premiums in the state could see more than a 60% increase.

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How Much is Auto Insurance Increasing in Minnesota?

According to Insurify, a company that provides data about auto insurance costs, Minnesotans can expect to pay 55% more from June 2023 to June 2024, the average cost of full coverage in Minnesota in June 2023 was $1,492, a year later the average price is $2,315.

The total projected increase for Minnesota drivers is expected to 61%, that's a huge jump, and much of the reason is due to something rather small, but can cause a lot of damage, hail.

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What is The Reason My Auto Insurance Increased So Much?

According to the data, during August 2023 Minnesota racked up $1.8 billion in damages during a series of strong storms that unleashed golf-ball-to-baseball-sized hail across the Twin Cities area and other areas around the state. According to additional data from CCC Intelligent Solutions, in 2020 9% of comprehensive claims were hail related, but that has increased to nearly 12% in 2023.

Increased hail events and climate events aren't the only reason behind the increases, the cost to repair the modern vehicle has increased too, the Bureau of Labor Statistics Consumer Price Index says that repair costs have gone up 38% over the last 5 years.

Is Wisconsin Seeing These Insurance Increases Too?

Insurify has an interactive map, and Minnesota is the only blazing red state on it, they say, "the average annual cost of full coverage car insurance in Minnesota is projected to increase to $2,597 by the end of the year." DANG!! In comparison, Wisconsin is projected to increase to $1,732, a 25% increase.