Lots of reasons are leading to the rise in car insurance rates and the increase is a bit of a delayed reaction but it’s hitting harder now. In short, it’s a combination of the rise in car prices, labor costs, labor shortages, length of time to repair a car, and rising lawsuits. The article below goes into more detail and puts auto insurance in a different perspective. Everything is hard right now and the insurance industry is behind the inflation curve but is starting to have to make up for losses incurred. Visit the website below to learn more.
https://www.foxbusiness.com/economy/car-insurance-rates-surge-again-keeping-inflation-elevated
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