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.
Related articles:
Related suggestion:
Taiwan's remaining Pacific allies pledge supportSevere heatwave in eastern Australia to bring hottest weather in four years to NSWSensitive NZ Police video evidence shuffled around US tech companiesFormer Pakistan PM Imran Khan gets 10Israel presses on with Gaza offensive approaching 100 days of warPerson arrested after threat plunges Tauranga Hospital into fiveHomes catch fire as lava spills onto town in IcelandFirefighters battle large bush fire in the Far NorthFirefighters battle large bush fire in the Far NorthScientists say one
0.1167s , 6496.734375 kb
Copyright © 2024 Powered by Surging auto insurance rates squeeze drivers, fuel inflation ,Stellar Saga news portal