Everything is crazy expensive right now, and auto insurance companies aren’t helping. Data from the U.S Bureau of Labor Statistics show average premiums are way up. In just the last three years, the consumer price index for motor vehicle insurance leaped from 568.24 to 866.13. By comparison, the index was flat the three years prior.
That represents an increase of approximately 51 percent since November 2021, according to the Washington Post. In fact, the last three years have seen the sharpest increase in a half-century’s worth of data. Translated into dollars, Bankrate reports the average cost for full-coverage auto insurance is currently $2,543 per year. Yikes.
