As car prices moderate from a pandemic-era surge, insurance has pushed the cost of car ownership to the brink for many Americans.
New data out this week showed auto insurance costs rose 20.6% from the prior year in February, matching January’s increase as the most since December 1976, when costs rose 22.4% over the prior year.
On an annual basis, motor vehicle insurance costs rose 17.4% in 2023, the most since a 28.7% increase in 1976, according to data from the BLS.
The sticker shock hitting…
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