The sharp rise in car insurance premiums over the past few years is due to a combination of factors including increased repair costs, rising medical expenses, and inflation.
Modern vehicles have advanced technology that drives up repair costs; even minor damages can result in extensive repair bills, significantly impacting insurance premiums.
Insurers are facing increasing medical costs from accidents, affecting payouts and, in turn, premiums charged to consumers, including those with clean driving records.
Inflation and supply chain disruptions have compounded the issue, making parts more expensive and harder to obtain, ultimately leading to higher insurance costs for drivers.
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