Buying a new vehicle these days may have your montly car insurance fee HIGHER then car lease/buying fee….
Indeed, November’s hotter annual inflation gain of 2.73 percent would have been much lower, closer to a 2.37 percent inflation rate, without the outsize increase to auto insurance.
“It is punching well above its weight for that contribution,” said Josh Hirt, a senior economist at Vanguard.
Insurance premiums are among a handful of stubborn costs that have yet to yield much relief for consumers, in addition to shelter costs and other services like medical care.
Car insurance has remained elevated, and it has a bigger influence on overall inflation than other types of insurance because it’s required to drive in most states. And that cost can multiply with more than half of households owning two or more cars, according to census data.
Since just before the pandemic in December 2019, consumers have seen a roughly 51 percent jump in auto-insurance prices,….
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