The number of uninsured drivers is increasing, which raises the price of auto insurance for everyone else.
Analysts claim that the auto insurance sector is trapped in a never-ending cycle of rising expenses. Costs for auto insurance have increased by 52% in the last three years. An increasing number of drivers are canceling their policies due to rising prices, which in turn raises the cost of insurance for other drivers.
The nonprofit Insurance Research Council reports that as of 2022, the percentage of drivers without insurance increased from 11% in 2019 to 14% in 2022.