"Rapid Rise: The Soaring Cost of Auto Insurance for American Drivers"
Originally Published 1 year ago — by Yahoo Finance
Auto insurance costs in the US have surged at the fastest rate in 47 years, with a 20.6% increase from the prior year in February 2023. The rise is attributed to a combination of factors including more severe accidents, higher repair costs due to advanced vehicle technology, and a shortage of skilled technicians. Insurance companies like GEICO and Travelers have responded with premium hikes and aggressive policy writing to offset underwriting losses. Additionally, weather catastrophes in states like Florida and Louisiana have also contributed to the surge in insurance costs.