Car insurance rates are surging as Americans struggle to pay for basic necessities and ongoing debt.

Car insurance rates are surging as Americans struggle to pay for basic necessities and ongoing debt.

The newest Consumer Price Index shows car insurance spiked 20 percent year over year. The surge in pricing occurred after years of gradual price inflation, with earlier reports finding the rates grew by 36 percent since 2020.

That’s at the same time debt is soaring for many Americans. While Americans hold around 1.75 trillion in student debt loans alone, they also have $1.05 trillion in credit card balances not paid off.

    • RGB3x3@lemmy.worldEnglish
      0·
      1 year ago

      And also insurance companies charging just as much as they can get away with.

      The US system is designed to squeeze every last penny out of a person, to the point they can still “survive,” but not so much that they become destitute and can no longer buy things and pay for essential services.