Auto insurance rates have seen the largest year-to-year spike since 1976. The cost of motor vehicle insurance increased 20.6 percent in the last year, and January alone saw a month-on-month rise of 1.4 percent. This escalating cost has played a marked role in tempering early-year optimism regarding inflation .
A recent private-sector estimate revealed that the average annual full-coverage car insurance premium for 2024 is $2,543. This contrasts sharply with 2023’s figure of $2,014 and the 2022 figure of $1,771.
This rise in insurance premium costs is rooted in multiple factors, but the main driver of increased costs is simple. As […]
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