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National
Scott Horsley

4 reasons why your car insurance premium is soaring

Insurance NC Harvey Rosenfield Inflation the Insurance Information Institute
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. (Logan Cyrus/AFP via Getty Images)

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.

The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday.

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