Having a car is getting more expensive for drivers across the country as auto insurance premiums continue to soar.  

 

According to a new Bankrate report, U.S. drivers are paying an average of $2,543 annually, or $212 per month, for car insurance — an increase of 26% from last year. That's 3.41% of yearly earnings for those with a salary of $74,580, which is the national median household income according to the latest data from the U.S. Census Bureau. 

 

"Auto insurance rates have been rising at a breakneck pace," said Greg McBride, chief financial analyst for Bankrate. "And though the pace of increases will eventually slow, that doesn't mean premiums are coming down."

 

Bankrate's report looks at car insurance costs as a percentage of household income throughout the U.S., to determine the true cost of auto insurance.