Why are auto insurance premiums so high? Blame inflation and a few other factors
Wednesday's inflation report showed consumer price growth continues to drift higher.
Wednesday's inflation report showed consumer price growth continues to drift higher.
The Bureau of Labor Statistics reported price growth accelerated to 3.5% in March, from 3.2% in February.
Few categories had as big a jump year on year than auto insurance, which soared 22% from March 2023, the most significant year-on-year jump in that category since 1976.
And over the last few years, average auto insurance rates have surged 43%.
As of April, the national average cost of car insurance is $2,314 per year for full coverage and $644 per year for the bare minimum, according to Bankrate.
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Updated: 2 weeks ago