In 2024, car insurance premiums have surged by 33% compared to 2021, significantly outpacing inflation. This increase is attributed to various factors including rising vehicle thefts, climate change, and persistent supply chain disruptions stemming from the COVID-19 pandemic. The higher costs of vehicle repairs due to these supply chain issues have further escalated insurance premiums. Overall, as insurance companies prioritize profit, consumers are left to navigate these increasing costs without much recourse. Understanding these dynamics can aid policyholders in managing their insurance expenses better.
The insurance cost for cars in 2024 is 33% higher than in 2021, largely due to market pressures rather than inflation.
The COVID-19 pandemic significantly disrupted supply chains, making it more expensive to repair vehicles, further driving up insurance costs.
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