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.
Moment runaway Cavalry horses crash through parked e
Museum of Natural Sciences in Brussels opens one
In pics: natural landscapes in Africa
World Wetlands Day: A glimpse of China's earth’s kidneys
Here are 14 players to watch next season across the Southeastern Conference
Xi Sends Congratulatory Message to Lanting Forum on Chinese Modernization and the World
China sees 230 mln domestic tourist trips during May Day holiday
SW China's Yunnan makes great efforts to protect wildlife species
Owner of exploding Michigan building arrested at airport while trying to leave US, authorities say
Xi Sends Congratulatory Letter to General Assembly of Alliance for Cultural Heritage in Asia