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.

  • lordkuri@lemmy.world
    3·
    9 months ago

    There is competition here, though. It’s not like it’s a single insurance company monopoly. You can usually get a better deal by shopping around.

    It’s kind of funny you mention this. I just sat down and went through every insurance company I could find (over 15 of them) that are still writing policies here in CA because Geico decided to jack my rates over 20% this renewal. Literally every one of them were within $5 every 6 months of the price Geico is charging me for the renewal.

    Tell me again how I’m supposed to “get a better deal by shopping around”?

    • stoly@lemmy.world
      2·
      9 months ago

      Oh he has no clue. He just parroted the propaganda he received in middle school.

    • daq@lemmy.sdf.org
      1·
      9 months ago

      I’m in the same boat except my rates went up 200% because of a single accident in the last 10 years. Fuck Geico and every other insurance company. Private companies should not be allowed in businesses where people have no choice. And I’m saying this as a libertarian mostly.