Surging auto insurance rates squeeze drivers, fuel inflation
Time:2024-05-07 21:18:56 Source:worldViews(143)
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.
Previous:Chinese company breaks ground on Serbia's National Stadium
Next:Prostate cancer breakthrough means thousands of men could avoid devastating chemotherapy
You may also like
- Mystery as California firefighters find two dead bodies inside 'human
- New Zealand to put 'every single effort' into getting free trade deal with India
- Movement of pilot's seat a focus of probe into LATAM Boeing flight, report says
- Doctors who visited Gaza speak of 'atrocities', collapsing healthcare
- Hospital operator Steward Health Care files for bankruptcy protection
- Whale euthanised after stranding near Christchurch
- US: China strengthens Russian war machine with surging equipment sales
- Scientists find 'devastating' coral bleaching in Great Barrier Reef's far north
- Point guard Deivon Smith transferring to St. John's from Utah