![]() ![]() The number of fatal auto accidents jumped sharplyin late 2020 and early 2021, according to the National Highway Traffic Safety Administration. "And we haven't seen those risky habits go away, even though we have more people on the road." "People picked up some risky habits," says Sean Kevelighan, CEO of the Insurance Information Institute. ![]() Insurance premiums actually fell in the early, locked-down stage of the pandemic when many cars sat parked for weeks.īy they time they returned to the roads, however, many drivers seemed to have forgotten how to drive safely. Here are four reasons driving the spike in car insurance prices - and what car owners can do to save money.ĭrivers have gotten a lot riskier during the pandemic Inflation was also fueled in August by rising rents and gasoline prices. 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. The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday. It's not only car prices that are giving drivers sticker shock these days - it's also happening when they open their car insurance bills.
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