All articles tagged with #vehicle costs
The Trump administration announces the repeal of the Obama-era Endangerment Finding, removing EPA greenhouse-gas regulations and EV mandates, in what is described as the largest deregulation action in U.S. history. Supporters say it will lower prices, expand consumer choice, and boost energy independence, citing estimated savings of over $1 trillion and about $2,400 saved per new vehicle.
Skyrocketing auto insurance costs have contributed to higher inflation, with prices rising by 2.7% monthly and 22.2% annually. Factors such as expensive new vehicles, supply chain shortages, and advanced vehicle technologies have led to increased repair and replacement costs, impacting insurance premiums. Insurers are facing significant losses, prompting rate hikes and declining customer satisfaction. Usage-based insurance programs are gaining popularity as insurers offer discounts for safer driving, but overall customer satisfaction with auto insurers has reached a more than 20-year low.
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.