Connecticut Auto Insurance Rates See Decreases Amid Rising Costs
What happened
Auto insurance rates in Connecticut rose 10.7% in 2024, which was more than double the national average increase of 4.8%. However, the Connecticut Insurance Department identified filings from 14 companies and 16 companies that include rate decreases for certain policyholders. Farmers Casualty Insurance Company reported an average decrease of about 14%, while State Farm reported an average decrease of about 8.4%.
Why it matters
The rate decreases are occurring while Connecticut families continue to face challenges with insurance affordability. This situation is tracked alongside information on average driver costs provided by Experian and rising auto insurance rates monitored by S&P Global Market Intelligence.
Who's involved
- ExperianProvides information on average driver costs.
- S&P Global Market IntelligenceTracks rising auto insurance rates.
- S&P GlobalThe parent corporation of S&P Global Market Intelligence.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Kelley Blue BookSpeculative
Kelley Blue Book could see shifts in automotive market trends as the total cost of car ownership changes due to rate decreases.
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The entities involved
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Experian
Irish company that provides information services
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S&P Global Market Intelligence
business unit of S&P Global