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USAFacts
USAFacts
National

Why are car insurance rates increasing?

Insurance Inflation the Federal Reserve

Motor vehicle insurance covering damage, liability, and other risks is required for all drivers, across the US, with a few exceptions.[1]

Costs for this driver necessity been climbing since 2020, in part due to inflation driving up repair and part costs; between June 2023 and 2024, the price of personal motor vehicle insurance rose 19.5%.

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