War with Iran has pushed up gas prices by $1 per gallon, but there’s another skyrocketing vehicle expense that hasn’t gotten as much attention: car insurance.
Car insurance rates plummeted in 2020 at the start of the COVID-19 pandemic, but by the end of 2020, that trend changed course dramatically, according to an analysis by Cox Automotive.
Cox Automotive Chief Economist Jeremy Robb says that 60% increase outpaces the consumer price index by a wide margin. He shared a chart showing that the cost of maintenance and repair, although climbing steadily since the pandemic, is nearly as high as the 60% increase for insurance.
