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
Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
A 19-year-old British tourist who was subjected to a horrific sex attack in Majorca 'was gang-raped2024-05-21Lucknow beats Mumbai by 4 wickets to rise to third in IPL
LUCKNOW, India (AP) — Lucknow Super Giants boosted their hopes for reaching the Indian Premier Leagu2024-05-21Chelsea Gray signs extension with 2
HENDERSON, Nev. (AP) — Point guard Chelsea Gray signed a contract extension through 2025 to remain w2024-05-21How Columbia University became the driving force behind protests over the war in Gaza
As the two-week standoff between pro-Palestinian protesters and college administrators at Columbia U2024-05-21Liverpool confirms Arne Slot as Jurgen Klopp's replacement
Arne Slot will take on one of the most daunting challenges in soccer by replacing Jurgen Klopp as Li2024-05-21Trainer Chad Brown seeks first Kentucky Derby victory after coming close. Having 2 entrants helps
LOUISVILLE, Ky. (AP) — There was a brief moment three weeks ago when trainer Chad Brown’s Kentucky D2024-05-21
atest comment