HomeMarketsHow Inflation Hits Car Insurance

How Inflation Hits Car Insurance

Most people are aware of the high gas prices in America right now. Thanks to renewed travel after COVID-19, the Russia/Ukraine war, and general inflation issues, it can cost $100 to fill up an average truck. 43% of Americans consider rising gas prices one of their biggest concerns of 2022.

 

The story doesn’t stop there, however. Car owners have more costs to worry about than just the price of gas. Car insurance premiums have also increased from 5% to 15%, costing policyholders $1,655 more per year. When asked why they were raising rates, car insurers cited increased car prices, rising medical costs, and supply chain disruptions; all inflation-related issues. 

 

How can car owners save money? Foregoing insurance is not a legal option. Instead, car owners should look for discounts in safe driving and lower mileage. The less one drives, the more they save on both gas and insurance.

the effect of inflation on gas and car insurance

Brian Wallace
Brian Wallacehttps://nowsourcing.com/
Brian Wallace is the Founder and President of NowSourcing, an industry leading content marketing agency that makes the world's ideas simple, visual, and influential. Brian is the go-to resource for visual storytelling in the crypto / blockchain market since 2015, representing numerous cryptocurrency-related publications, and others getting press and funding in the space. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019-present.
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