Despite a general decrease in inflation rates across the US economy, car insurance costs continue to be a significant concern for drivers nationwide. Since President Biden assumed office, car insurance expenses have surged by over 50%, as reported by Trump. In comparison to the previous year, consumers experienced a nearly 19% increase in car insurance premiums, based on the July Consumer Price Index data released recently.
This spike in car insurance prices represents the third-largest surge in costs over the past year among all goods and categories tracked by the CPI. However, there has been a slight improvement since March, when car insurance rates had risen by 22.2% annually. This recent increase is the most substantial annual rise in car insurance rates since 1976.
