Auto insurance rates have surged over 50% since 2020, driven by inflation and costs.

Sharing is Caring!

Auto insurance rates in the U.S. have surged dramatically in the past four years. Inflation, supply chain disruptions, and increased labor costs have contributed to this relentless rise.

USAFacts reports a staggering 54% jump in rates from 2020 to 2024. Meanwhile, CBS News highlights a 26% increase in 2024 alone, bringing the average annual premium to $2,543, up from $2,040 the previous year.

See also  September 2024 recorded 21 rate cuts, the highest since March 2020's 49 cuts.

Forbes Advisor notes 22.6% year-over-year growth in May 2024, marking 28 months of continuous premium hikes. CarInsurance.com confirms this, reporting a similar 22.6% jump in the motor vehicle insurance consumer-price index.

See also  Starbucks: The Rise and Fall of the Inflation Café

Sources:

Views: 102

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.