The cost of car insurance has jumped nearly 18% in the last year, far outpacing overall inflation. There are several reasons why that's happening.
A car accident is cleared at an intersection without power in Charlotte, N.C., on Dec. 24, 2022. Auto insurance costs are soaring — well outpacing overall inflation.A car accident is cleared at an intersection without power in Charlotte, N.C., on Dec. 24, 2022. Auto insurance costs are soaring — well outpacing overall inflation.It's not only car prices that are giving drivers sticker shock these days — it's also happening when they open their car insurance bills.
By they time they returned to the roads, however, many drivers seemed to have forgotten how to drive safely. "We see a lot of hail damage," says Grace Arnold, who oversees Minnesota's insurance market as the state's Commissioner of Commerce."We consistently have billion-dollar storms in Minnesota, even if they don't have the 24-hour hurricane watch ahead of them," she adds.Regulators like Arnold have dual role: trying to keep insurance premiums low enough for drivers to afford them while also keeping insurance companies solvent, so they can keep paying claims.
"What people really don't understand is that insurance companies make most of their money by investment of our premiums," says Harvey Rosenfield, the founder of Consumer Watchdog in California."When they run into trouble, they have a scapegoat system set up where they blame something else for the fact that they need to raise their rates because they want to offset their investment losses. That's how the industry works.
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