Auto Insurance Prices Are Rising. Here’s What You Can Do To Save Money

Auto insurance rates have been rising recently, substantially outpacing overall inflation. U.S. Department of Labor data shows the widely adopted measure of inflation, the Consumer Price Index for All Urban Consumers, is 3.7% higher than it was a year ago. Meanwhile, the DOL price index for motor vehicle insurance is 18.9% higher over this same period.

Key contributors to auto insurance price increases are higher costs of motor vehicle repairs and maintenance, as well as more frequent accidents and increased litigation. While consumers cannot fully control their car insurance premiums because of these factors, there are still steps you can take to save money.