From CNBC: 2024-04-11 15:21:02

Auto insurance costs have soared, contributing to inflation rates rising higher than expected in March. According to data released, car insurance prices rose 2.7% monthly and 22.2% year-over-year. Factors like expensive new vehicles, supply chain shortages, and technology in cars are driving up costs for vehicle owners.

Repair and replacement costs for vehicles have skyrocketed due to expensive technology and parts, with insurance premiums increasing in response. Experts predict a growing trend of usage-based insurance programs that base costs on driver behavior using telematics data. Customer satisfaction with auto insurers has hit a 20-year low due to rising costs.



Read more at CNBC: Why car insurance costs are skyrocketing, leading to higher inflation