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Chart of the Day: 20% Increase in Insurance

Crews Bank & Trust Wealth Management Services Apr 2, 2024

Contents

Today’s Chart is from Charlie Bilello, with data from the US Bureau of Labor, showing that auto insurance has increased more than 20% from last year.  

This is the most significant one-year spike since 1976 and it is caused by several factors.

First is simply the escalating cost of cars, second is the subsequent higher cost to repair those cars, and third, in Florida’s case, the attempt to recoup losses from Hurricane Ian.

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Crews Bank & Trust Wealth Management Services
Crews Bank & Trust Wealth Management Services

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