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Why car insurance costs are skyrocketing and leading to higher inflation

Posted on AllSides April 11th, 2024
From The Center
RobertCrum | Getty Images

Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners.

On a monthly basis, car insurance prices as part of the consumer price index rose by an unadjusted 2.7%, while the year-over-year increased by 22.2%, according to data released Wednesday. The index is a key inflation gauge and a broad measure of the cost of goods and services across the economy.

Auto insurance costs have been on the rise for some time, growing every month as part of the...

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