Car Insurance-premiums Skyrocket
Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March.
On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%,
according to data released Wednesday.
The rise in insurance costs is in addition to historically high prices for new and used vehicles since the coronavirus pandemic, as well as rising costs to repair vehicles.