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

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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.

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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.

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