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.
Janet Jackson to play 2024 Essence Fest instead of the Smoothie King Center this summer
NBC will stick with dual announcers and analysts for the US Open
Trump Media fires auditing firm that US regulators have charged with 'massive fraud'
Croatia ruling conservatives will form government with a far
King Charles III's coronation anniversary is marked by ceremonial gun salutes across London
Trump's strategist push AI to help conservatives, all you need to know
Second juror in New Hampshire youth center abuse trial explains verdict, says state misinterpreted
Astroworld crowd surge: 9 of 10 wrongful death suits have been settled
How Rita Moreno uses honors like an upcoming public television award to further her philanthropy
Dozens still missing after Monday's South Africa building collapse. 7 confirmed dead
An inquiry into a building fire in South Africa that killed 76 finds city authorities responsible