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Rising car insurance costs are adding to inflationary pressures. Costs are rising at their fastest ever rates. They are a huge 22.2 per cent higher than this time last year. No other category of spending has increased like car insurance. The average cost of car insurance in the US is over $2,300 per year. Rising prices are affecting the lowest paid most. Insurance is a huge burden for people struggling to survive in the cost of living crisis.
An industry analyst said the biggest factor for costlier insurance was the number of new cars. He said: "If you [wreck] your car, the replacement cost is really high." He said technology in modern cars is expensive to repair and replace. A new battery in an electric car can cost up to $20,000. Even a simple fender bender could damage sensors and cameras. One factor that is increasing labour costs is a shortage of car mechanics.
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