Kelley Blue Book: The cost of car insurance keeps going up, and it’s likely to get worse — here’s why

by | Oct 31, 2022 | Stock Market

Higher car prices helped push up car insurance rates

Hurricane Ian and other extreme weather contributed to increases

Spike in catalytic converter and car thefts

Rate increases vary by state and insurer

When you maintain good credit, it helps auto insurance rates stay low

If you feel like the price of everything skyrocketed over the past year, you’re not alone. Prices across the vast array of consumer goods have relentlessly ticked upward. Sadly, your car insurance premiums haven’t escaped this trend. However, you may not know it yet because rate increases usually hit when you renew your policy.

As with the economy in general, several factors are conspiring to push the cost of insuring your car ever higher. In effect, it’s a perfect storm of causes pressuring insurance rates higher. Here, we will provide evidence for rising rates and reveal many of the responsible culprits. We’ll also do a bit of crystal-ball gazing to help prepare you for what is coming and provide a few tips for minimizing the impact of rising insurance premiums. Let’s do some sleuthing and see what’ …

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