Surging gas prices are not the only reason it may cost more to hit the road this spring.
Citing everything from labor shortages to supply chain issues, several major auto insurance companies have implemented sharp rate increases that could add upward of $100 to annual premiums for Illinois drivers navigating the waning pandemic landscape.
“The auto industry has been greatly impacted by inflation, whether you’re at the pump paying almost 50% more from a year ago or buying a used car,” said Sarah Foster, a Bankrate.com analyst. “What’s really interesting about auto insurance is that it’s a place where inflation is hiding that a lot of Americans might not expect. And it really all has to do with the pandemic.”
