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
Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
A team of shocked medics removed 150 maggots from a woman's mouth that had appeared after a dental p2024-05-21China voices concern over Israel's continued airstrikes in Syria
People gather at the site of an Israeli missile attack targeting the Iranian embassy's consulate2024-05-21CDC says it's identified 1st documented cases of HIV transmitted through cosmetic needles
ALBUQUERQUE, N.M. (AP) — Three women who were diagnosed with HIV after getting “vampire facial” proc2024-05-21Jude Bellingham scores late to seal El Clasico win
Jude Bellingham scored an injury time goal to give Real Madrid a 3-2 win at home to FC Barcelona to2024-05-21Amtrak train hits pickup truck in upstate New York, 3 dead including child
NEW YORK (AP) — A child was among the three victims killed when a passenger train hit a pickup truck2024-05-2138 TV programs selected to promote culture, tourism
China's National Radio and Television Administration (NRTA) and the Ministry of Culture and Tour2024-05-21
atest comment