The cost of car insurance is skyrocketing for Americans just as everything else is also going up, severely burdening Americans and fanning the flames of inflation.
Car insurance premiums have gone up far more than consumer prices in March, according to Fox Business Network. Federal data shows that consumer prices rose 0.4 percent, but car insurance premiums rose 2.6 percent during the same month.
That brings the annual rise to 22.2 percent, which is the fastest yearly rate hike ever. Even worse, the new rates are 50 percent more expensive than rates in 2021.
Unfortunately, it is going to get worse.
“With car insurance, it’s something that’s been building up for a while now,” said Shannon Martin, a Bankrate analyst. “Car insurance tends to be
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