A Closer Look at the Rising Costs of Motor Vehicle Insurance in the US Motor vehicle insurance, a non-negotiable requirement for drivers across the U.S., has seen a significant surge in costs since 2020. This auto insurance rate increase has been driven by a confluence of economic factors, including inflation and rising repair costs. Between June 2023 and 2024 alone, personal motor vehicle insurance rates rose by an eye-watering 19.5%. A Rapid Rise Outpacing General Inflation The Consumer Price Index (CPI) data from May 2024 reveals that the motor vehicle…
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