A new government study reveals vehicle prices are falling, but car insurance has skyrocketed
New and used car prices have fallen, but car insurance costs have skyrocketed. The increases are being blamed on a variety of factors including complicated repairs, expensive components, and supply chain issues. A study suggests the average cost of full coverage jumped 24% last year. If your insurance rates have been climbing, you’re not alone as the U.S. Bureau of Labor Statistics revealed the Consumer Price Index rose 0.4% last month.
9-percent increase in February.” That doesn’t sound like much, but insurance rates have skyrocketed since 2022. In particular, car insurance costs rose 22.2% in the past year and that's one of the biggest increases in nearly five decades. Reuters is reporting the increases can be blamed on a variety of factors including “rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change.
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