Why Is Car Insurance Going Up? Key Factors Explained
Key Takeaways According to the U.S. Bureau of Labor Statistics (BLS), car insurance costs are up 18.6% from last year, with premiums nearly 47% higher than in March 2020. As insurers face more expensive claims, consumers are seeing significant rate hikes. “Insurance prices must reflect the expected losses paid to policyholders,” says Dale Porfilio, chief…