Here’s Why Your Car Insurance Rates Are Rising

It turns out that the year-long rise in the price of just about everything has finally reached the insurance industry. Jimmy Spears, head of Automotive at Tractable, a company that supports insurance carriers, says insurance companies’ costs are rising even faster than consumer prices. Spears says an auto insurance carrier does not purchase typical consumer goods, but rather specialty market goods such as automotive parts. He says those costs have increased 14.8%.

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