"Rising Auto Insurance Costs Worsen Economic Concerns for Americans"

The cost of auto insurance in the US has surged, with premiums rising 20.6% over the past year, the largest jump since 1976, due to the increased prices of vehicles and repairs. This spike in insurance costs is contributing to the challenge of combating inflation, despite an overall tapering of consumer prices. The average annual premium for full-coverage car insurance in 2024 is estimated to be $2,543, compared to $2,014 in 2023 and $1,771 in 2022, impacting both private and commercial vehicle owners.