Posted 3/14/2024, 4:30:00 PM
Car Insurance Costs See Biggest Spike in Nearly 50 Years
- Car insurance costs have risen by nearly 21% nationwide in the last year, the largest increase in almost 50 years
- This is the biggest 12-month increase in car insurance costs since 1976
- Rising insurance prices accounted for half a percentage point of the 3.2% inflation rate last month
- Increased traffic and claims are likely causing insurance companies to raise rates
- You may see higher car insurance bills if you live in an area with more accidents or severe weather
