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.
PEN America cancels World Voices Festival amid criticism of its response to Israel
Sydney church stabbing: Australian police charged five teens following anti
Aaron Judge homers 1 pitch after Joe Boyle is called for a balk as Yanks top A's 7
Sydney church stabbing: Australian police charged five teens following anti
Sam Kerr's bid to get racially
Celtics were beaten at their own game at 3
Trump will be in NY for the hush money trial while the Supreme Court hears his immunity case in DC
Sam Kerr's bid to get racially
Utah hockey fans welcome the former Arizona Coyotes to their new home
Oceanside Pier in San Diego is consumed by huge fire, forcing visitors to evacuate 1954
TikTok bows to European pressure and halts reward feature on new app in France and Spain