Drivers nationwide are facing the biggest car insurance rate increases since 1976.
Up more than 22% compared to last year, rising car insurance rates are one of the biggest contributors to overall inflation, which hit a new six-month high last month, according to the Consumer Price Index.
It represents one of many obstacles standing in the way of the Federal Reserve’s 2% inflation goal and continues to be a pain point for Americans struggling with some of the highest prices in decades.
Car insurers are raising rates higher for a number of reasons. For instance, the cost of repairing cars has gone up as car parts have become increasingly more expensive. There’s also been an uptick in car accidents.
But if you don’t drive a lot, you may be wondering why you’re being subjected to such high rates given insurers typically base rates off of how much you drive, among other factors.
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