Surging auto insurance rates squeeze drivers, fuel inflation
NEW YORK (AP) — Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation.
Auto insurance rates rose 2.6% in March and are up 22% from a year ago. Premium costs have been marching steadily higher since 2022, even as inflation at the consumer level steadily cooled from its 9.1% peak in the middle of that year. Consumers have had some relief as the rate of cost increases for food and energy, two key components of most budgets, has eased greatly.
But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%.
Typically, individuals would see a noticeable increase in their premiums because of speeding tickets and other moving violations. Adding new drivers or a general increase in claims in the area were other reasons.
Related articles
John Swinney is crowned as SNP leader
John Swinney was crowned the new SNP leader today after nominations in the party's contest to replac2024-05-08Controversial Antonio Brown pays tribute to 'legend' OJ Simpson after his death from cancer aged 76
Former NFL wide receiver Antonio Brown made a head-scratching tribute to OJ Simpson following his de2024-05-08Ai Weiwei launches new exhibit, says still trying to understand studio demolitions
By Anna Cuenca Dissident artist Ai Weiwei on Monday said the Chinese state’s razing of his stu2024-05-08Ole Gunnar Solskjaer is cut from 80/1 to ODDS
Ole Gunnar Solskjaer has emerged as the shock favourite for a vacant managerial job.The former Manch2024-05-08Gerard Butler appears in high spirits as he watches Chelsea FC thrash West Ham 5
Gerard Butler enjoyed a chat with a fan as he watched Chelsea thrash West Ham 5-0 at Stamford Bridge2024-05-08PLAYER RATINGS: Scores revealed for DIRE Liverpool stars who flopped in first leg against Atalanta
Liverpool were left stunned at Anfield after suffering a shock 3-0 defeat by Atalanta in the first l2024-05-08
atest comment