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.
Helping Ewenki People Escape Poverty by Developing Tourism
Coffee Grown by Women of Wa Ethnic Group in SW China's Yunnan Sent as a Gift at UN
Retired Woman Committed to Protecting 'Mother River'
Pennsylvania House passes bill restricting how social media companies treat minors
'Queen Wen' to Make US Open Quarterfinal Debut, Alcaraz Comes Through
China Takes Gold in Women's Team Sprint at UCI Track Nations Cup
Foreign diplomats impressed by traditional culture, high
Is THIS Britain's most expensive pastry? Kensington bakery is selling super
China Grabs Two Golds at Women's Boxing World Championships
Heartbreak of MasterChef star, 21, whose older sister died with 'no warning'
Foreign diplomats impressed by traditional culture, high