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.
Worker killed, another injured, when truck crashes through guardrail along California freeway
Rooting for Trump to fail has made his stock shorters millions
Steelers bolster offensive line, take Troy Fautanu from Washington with 20th pick in NFL draft
Yoshinobu Yamamoto's 6 shutout innings help Dodgers finish sweep, defeat Nats 2
Official resigns after guilty plea to drug conspiracy in Mississippi and North Carolina vape shops
Reggie Bush plans to continue his fight against the NCAA after the return of his Heisman Trophy
Roger Goodell envisions more overseas games, more streaming and more cities hosting the NFL draft
Ravens pick Clemson CB Nate Wiggins in the first round, adding depth and speed to their secondary
Luis Miranda Jr. reflects on giving, the arts and his son Lin
Reggie Bush plans to continue his fight against the NCAA after the return of his Heisman Trophy
3 arrested in NYC after driver strikes pro
Lions trade up in first round of NFL draft, take Alabama cornerback Terrion Arnold