U.S. auto insurance rates rising disproportionately
If you think your car Insurance rates have skyrocketed in recent years, and you're right. The Consumer Price Index (CPI) shows that the cost of car insurance has risen 51% over the past three years, six times faster than the overall inflation rate. What makes auto insurance prices rise the most in the CPI? This is blamed on the lingering effects of the coronavirus pandemic and an increase in reckless behavior on America's roads. Speeding occurs more frequently and at higher speeds than normal, and drunk driving surges, leading to a surge in crash severity, all of which result in auto insurance companies receiving more catastrophic vehicle and injury claims. In addition, shortages of materials, parts and labor caused by the pandemic have led to unprecedented increases in repair costs claimed by customers. These two factors have combined to cause car insurance rates to skyrocket, with no relief in sight. Top drivers and car collectors being overcharged In addition to…
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