Surging Auto Insurance Premiums Squeeze Household Budgets as Rates Soar 24%

• Surging auto insurance premiums contributing to high inflation, squeezing household budgets • Average annual auto insurance premium jumped 24% from 2022 to 2023, nearing 40% increase since 2019 • Multiple factors driving spikes including high vehicle prices, costly repairs, more accidents and claims • Shortage of mechanics also pushing repair costs even higher • Shop around for cheaper rates as companies adjust risk models and policies come up for renewal