Villanueva announces his candidacy
The cost of car insurance has jumped more than 19% in the last year, far outpacing overall inflation. There are several reasons why that's happening.
On a monthly basis, car insurance prices rose 2.4% between July and August, contributing to a larger than expected jump in core inflation for the month. Inflation was also fueled in August by rising rents and gasoline prices. "People picked up some risky habits," says Sean Kevelighan, CEO of the Insurance Information Institute."And we haven't seen those risky habits go away, even though we have more people on the road."in late 2020 and early 2021, according to the National Highway Traffic Safety Administration.
"We see a lot of hail damage," says Grace Arnold, who oversees Minnesota's insurance market as the state's Commissioner of Commerce."We consistently have billion-dollar storms in Minnesota, even if they don't have the 24-hour hurricane watch ahead of them," she adds.Regulators like Arnold have dual role: trying to keep insurance premiums low enough for drivers to afford them while also keeping insurance companies solvent, so they can keep paying claims.
"The very first thing you've got to do is shop around," Rosenfield says."There are often better deals to be had."as TV commercials seem to tout all the time.
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