The Rising Cost Of Auto Insurance — And What You Can Do To Save

Auto insurance rates have been rising recently, substantially outpacing inflation overall. US 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 price index for motor vehicle insurance is 18.9% higher over this same period.

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