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Soaring car insurance premiums are fuelling inflationary pressures. Costs are rising at their fastest ever rates. Premiums jumped 2.6 per cent in March. Costs are a huge 22.2 per cent higher than this time last year. The increases added to inflation rising by 0.4 per cent last month. No other category of spending has soared like auto insurance. The average cost of car insurance in the US is over $2,300 per year. This is about $192 a month. The rising prices are affecting the lowest paid most. Insurance is a huge burden for those struggling to make ends meet in the cost of living crisis.
An automotive analyst explained what is behind the rising prices. He said the biggest factor was the number of expensive new cars. He said: "If you [wreck] your car, the replacement cost is really high, and a fender bender is very expensive." He said advanced technology and equipment in modern cars is very expensive to repair and replace. A new battery in an electric car can range from $6,500 to $20,000. Even a simple fender bender could damage costly sensors and cameras. One factor driving up labour costs is a shortage of car mechanics.
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