Auto insurance rates aren’t likely to drop with inflation

Car insurance - Rise in cost

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

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Americans are paying more for auto insurance, but millions are underinsured

Auto insurance - Pay - Coverage

Despite how much people are already paying for coverage, it might not be enough if the worst happens. Inflation, among several other factors, has caused auto insurance premiums to climb, this year in particular, but according to experts, millions of drivers still don’t have enough coverage. Despite how much millions of people are paying for their policies, they don’t have the coverage they need. Car insurers have been raising premiums because the cost of paying out claims is higher due to inflation. That said, when it comes to drivers, they…

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