A year ago, when the price of a new car was rising, the average cost of a car insurance policy was about $5,000.
Now, that average is $17,000 and the average price for a policy with a deductible is $7,500.
The average deductible is now about $8,000, according to the Federal Trade Commission.
Car insurance companies are using new technology to increase the value of their policies.
Now you can shop for a car with a higher deductible and a lower premium.
Here are the best auto insurance quotes for 2019:Car insurance quotes on the riseWhat you need to know about auto insurance:Newer cars are being used for more peopleThe industry is changingThe number of new vehicles sold each year in the U.S. is about 8.5 million, up from about 6.6 million in 2016, according the Association of National Auto Dealers.
The new cars are the fastest growing segment in the industry, said David R. Kohn, president of the National Association of Insurance Commissioners.
The industry is shifting to the next-generation, newer cars, which are more fuel efficient, have more technology and higher prices.
In 2018, the industry had about 7.7 million new cars sold.
More than 5.6 billion new vehicles were sold in the year ending in March 2019.