Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March.
Auto insurance costs have been on the rise for some time, growing every month as part of the index since. Since then, costs have increased by 45.8%, according to U.S. Bureau of Labor Statistics. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting.since the coronavirus pandemic.
Earlier this year, Sampson himself had slight damage to a bumper on a 2024 pickup truck on his property that he says was quoted to cost him $1,800 to repair or replace. The list of optional and mandatory coverage areas can be quite long and expensive for drivers, which has led many insurance companies to offer usage-based insurance, or UBI, programs that base the cost of a policy on a driver's behaviors using telematics data.
Based on J.D. Power's survey, UBI programs from Geico, Progressive, State Farm and Liberty Mutual were ranked above average by customers. USAA, which services all branches of the military and their families, ranked the highest.
Source: Car News Wire (carnewswire.net)
Auto Insurance Inflation Costs Consumer Price Index Vehicles Repairs
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