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Car theft was one of only two types of crime that went up in Atlanta in 2023, according to an article by 11alive.com. While the rate of murder fell for the first time since the pandemic, Atlanta saw a 64% increase in the rate of motor vehicle theft, and a spike in Georgia car insurance rates likely won’t be far behind.
According to Rate Retriever’s Quarterly Insurance Rates Update Report, the estimated average premium for car insurance in Georgia is $1,642 per year, 10% lower than the national average of $1,824. However, the rise in car theft may have insurance companies reevaluating rates across the state due to the added risk.
If your car insurance rate is at risk of being impacted by the increase of stolen vehicles in Georgia, you deserve to understand what caused it. Thefts of Hyundai’s and Kia’s specifically rose dramatically over the last year due to a viral trend that exposed the vulnerabilities of several model years which make these cars easy targets.
According to the National Highway Traffic Safety Administration, in order to combat this theft, more than 3.9 million Hyundai’s and 4.5 million Kia’s were eligible for software updates geared at fixing the issue in 2023.
Car insurance rates are highly personalized, so they will look different for every driver. Some of the factors that influence your rate include your driving record, your age, the make and model of your car, and the state you live in.
Above all, insurance companies determine your premium based on how much risk your policy introduces. The uptick in stolen vehicles in the state in 2023 has resulted in Georgia ranking among the top 10 states with the highest rate of vehicle theft in the country and this has caused the risk associated with drivers in Georgia —and Atlanta specifically— to go up considerably.
An increase in stolen cars correlates with a heightened likelihood that a policyholder will file a claim. As a result, insurers may increase their rates to better protect themselves down the line.
Even with the negative impact thefts may have on car insurance rates, your specific premium may not be affected as much as you think. Car insurance companies will not just evaluate the risk associated with your state, they will narrow it down to the specific zip code you live in. Certain regions in Georgia bring more risk than others, and if you are insuring your car in a lower-risk zip code, your premium will likely be lower.
Based on Rate Retriever’s data, Atlanta was the second most expensive region to insure a car in Georgia as of the third quarter of last year. Premiums in this area averaged $2,005 per year, coming in second only to Decatur, GA where rates sat around $2,223 per year.
While the spike in stolen vehicles may raise rates even higher in Atlanta, premiums in regions like Valdosta, GA (where car insurance is the cheapest in the state) may be unaffected. Currently, drivers in this area pay on average $1,229 per year for insurance, 25% less than average for the state.
If the increase in thefts has you feeling uneasy about your own premium, don’t panic. There are several factors that play a role in what you will pay for car insurance, and many of them remain in your control.
While it can be easier said than done, the best way to be sure your rates stay low is to drive safely. Insurance companies look to your driving record and accident history in order to get an idea of how likely you are to file a claim. If it is determined that you are a high-risk driver, they will assign you a higher premium in anticipation of future claim payouts. Alternatively, if you have a proven track record of driving safely and not filing many claims, insurers will feel more comfortable giving you a lower rate.
Improving your credit score is another way you can lower your rates. Drivers in Georgia with a poor credit score pay over 70% more for car insurance while those with excellent credit can save around 10% every year.
Additionally, raising your deductible can be a good way to lower premiums. This method will not be right for everybody, as a higher deductible means that you are accepting more financial responsibility if you ever need to file a claim down the line.
Finally, one of the easiest ways to control your car insurance premium is to shop around and compare rates from several different providers in your area. You can get started by taking our short quiz to compare data-backed rate estimates from insurers near you.
Car insurance companies determine how much they charge you based on your driver profile. Factors that can impact your rates include:
Read more about the factors that impact your car insurance rate
Switching your car insurance is easy, even if you are in the middle of your current policy.
Here are some helpful tips to consider to switch your car insurance:
The answer to this question depends on where you live and what you would like to cover.
Each state has its own minimum requirements on the type and amount of insurance needed. When you’re trying to determine what and how much car insurance you need, you can start by reviewing your state’s requirements.
Find out what’s required in your state
Once you review your state’s minimum requirements, you may find that you want additional coverage. For example, sometimes owners of new cars want comprehensive coverage to insure their car from natural disasters and vandalism, even though comprehensive coverage isn’t required by their state. To figure out what insurance you want, you can review the different types of insurance to decide what makes the most sense for your situation.
The biggest difference between Rate Retriever and other comparison sites is that we are a free and impartial research tool NOT an insurance marketplace. This means you can’t purchase a policy directly through RateRetriever.com, but you can use our tool to independently research your options and seamlessly connect with the provider you choose.
Unlike other insurance comparison sites, we:
We like to think that Rate Retriever is your insurance companion, not just another insurance comparison site. Our values guide everything we do, which is why we strive to offer transparent, trustworthy insurance tools.
There are many ways you can try to get cheaper car insurance. The first is simply to get quotes from multiple providers. This will help you determine if you’re currently receiving the cheapest rates based on your needs and driver profile. Rate Retriever makes the comparison process easy.
Sometimes, the reason your car insurance is so expensive is due to your driver profile. For example, drivers under 20 years old usually pay more for insurance than more experienced drivers, and drivers with a recent at-fault accident or traffic violation typically pay more.
There are ways to lower the cost of your insurance such as taking a defensive driving course. Check with your provider to see if there are any discounts you qualify for or can reasonably earn.
Rate Retriever works with national and local insurance providers to provide our users with a seamless insurance shopping experience. We may earn a commission from our insurance provider partners when you click on a link, call, or purchase a policy from one of the providers listed on our site. That said, we’re committed to providing you with accurate, bias-free information, and we do not allow our partnerships to limit the results or influence the information we share with you.
We do not sell your personal information, charge you for using our tools, or sell you insurance policies. Additionally, should you choose to purchase a policy from one of our partners, the price you pay will not be adversely affected.
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