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Car insurance prices surge (www.newsweek.com)

submitted 4 months ago by MicroWave to c/news

69 comments fedilink hide all child comments

Car insurance rates are surging as Americans struggle to pay for basic necessities and ongoing debt.

The newest Consumer Price Index shows car insurance spiked 20 percent year over year. The surge in pricing occurred after years of gradual price inflation, with earlier reports finding the rates grew by 36 percent since 2020.

That's at the same time debt is soaring for many Americans. While Americans hold around 1.75 trillion in student debt loans alone, they also have $1.05 trillion in credit card balances not paid off.

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[–] reddig33 36 points 4 months ago* (last edited 4 months ago) (33 children)

People insist on driving larger cars, creating more severe accidents.
People insist on driving more expensive cars, driving up replacement and repair costs.
People insist on outlawing speed cameras and red light cameras, driving up accident rates and severity.
People insist on increasing speed limits, increasing accident rates and severity.
Roads and merge lanes are poorly designed as governments cut corners. Again, this increases accident rates and severity.
States don’t test drivers regularly for competence. This means impaired drivers and poorly skilled drivers remain on the road, causing accidents.
Urban police forces no longer enforce traffic laws in many cities, increasing accident rates.
Some states are getting rid of car inspections. Which means more cars with bad tires and no headlights and more accidents.

Add inflation and greedflation, and It’s no wonder insurance rates are higher.

[–] [email protected] 31 points 4 months ago

You forgot the big part

As an example, progressive insurance

It’s more profitable to raise rates, and they can get away with it

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