It’s a main driver of inflation, and given repair costs, there’s no sign it’ll let up
There’s no relief in sight for U.S. car owners who’ve faced soaring costs of maintaining a vehicle in the past two years.
Prices of motor-vehicle insurance rose 20.3% in December from a year earlier, the biggest jump since 1976, according to the Bureau of Labor Statistics. That was the 16th straight month of annual gains exceeding 10%.
And insurance rates will probably keep on rising, propelled by higher costs of replacement parts and repairs, Bloomberg Intelligence analysts said last month.
Prices of used cars and trucks have come down from their peaks two years ago. But the December consumer-price index released Thursday showed an uptick in used-vehicle costs from the previous month, defying economists forecasts for a decline. The surprise monthly increase in that category was among the main drivers of a acceleration in the overall rate of inflation.
Even after a drop in 2023, used-vehicle prices remain up 38% since the start of the pandemic. As for new cars and trucks, prices are not increasing nearly as much as they did in 2022. On an annual basis, they were up only 1% in December.
Govt needs to step in !!!! Mine just went up over $300.00 & I have a Perfect Record & I am 67 !!!! Damn it
Why should I have to pay for everyone Else’s Problems !!!!!! ????
Govt needs to BAN ALL Car insurance companies from going by YOUR CREDIT SCORE !!!!! It has NOTHING
to do with your driving Record & I am PROOF of it !!!! Perfect record all my life / even had CDL 40 years !!!!!
We are NOT there for a Damn LOAN So BAN this Practice that has been going on since the 80’s !!!!!!
These damn insurance companies are making Billions by going by your CREDIT SCORE Plus Driving Record !!
Companies should be required by LAW to go ONLY by YOUR RECORD in Pricing NOT Credit Score NOT
Others Records !!!!!!!
People will never afford it !! Tooo High Already & yes they go by YOUR credit score too !!!
people will start going with No insurance if they have to
3/4 of the migrants working in sbys perdue processing plants have no drivers license or insurance and get free health care from jimmy boy.
THANK Biden !!!! It is now a FREE for ALL with all the companies Doubling & More on all Prices !!!!!!
We pay TWICE & More what we should be paying while they get Rich !!!!!!!!
Guess we will be riding BIKES !!!! That’s WHY all the bike Lanes in Salisbury !!!! Scooters too !!!
That is their stupid plan, to make us dependent on public / green transportation. if they make insurance too expensive they force us all to carpool or not own a car. They get rich either way. I’m pretty sure they are invested in insurance companies and green bullsh*t. They can’t lose, screwing the rest of us.
all I hear about is crashes mostly single cars. How about we get these people off the road first
Salisbury will rent Tuk Tuks !!!!
insurance rates have to increase in order to pay the kansas city chiefs players and coach.
they have to pay the Big Man in D.C 40% !!!
Also in the mix is that EVs and their hybrid cousins are frequently totaled where a gas vehicle would be repaired because of expense of repairs and fears over safety after a repair. Those costs are foisted on drivers with gas vehicles.
Insurers should rate gas, diesel, hybrid and EV separately to properly recognize potential losses.
WHERE are the LAWYERS to protect the public from these companies ?????
Fact is Good Drivers are being Discriminated against / who have done nothing Wrong & only have credit
that is not perfect !!!! They are not applying for a Loan !!!
There is No such Legitimate Facts from any Stupid Study to Prove or Justify that people with bad credit
have more accidents / Judging a population with a broad brush !!!
Not Right that Many Good drivers with Good Records are Paying MORE just because their credit is Bad !!!!!!!
This should go to the SUPREME COURT !!!!!