Posted 4/16/2024, 9:45:00 AM
Perfect Storm Drives Auto Insurance Premiums to 50-Year High
- Auto insurance prices surged 22.2% year-over-year in March, the highest increase in nearly 50 years
- Interest rate hikes by the Federal Reserve typically cause insurers to raise premiums to offset higher liabilities
- More expensive cars that are harder to repair are driving up claim costs
- Reckless driving and road rage incidents have spiked since the pandemic, causing more accidents and injuries
- Bigger gas-guzzling SUVs with poor visibility are contributing to more deadly crashes
