As car prices moderate from a pandemic-era surge, insurance has pushed the cost of car ownership to the brink for many Americans.
New data out on Wednesday from the Bureau of Labor Statistics showed auto insurance costs last month were 22.2% higher than they were a year ago and increased from February’s 20.6% year-over-year gain. March’s rise in insurance costs is the largest gain since December 1976, when prices rose 22.4% over the prior year.
The sticker shock hitting many American drivers is being driven by a rise in accidents, the severity of accidents, and geographical factors combining to create a perfect storm and push costs higher.
Pras Subramanian | Yahoo Finance