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Chart of the Day: 20% Increase in Insurance

Crews Bank & Trust Wealth Management Services Apr 2, 2024
Chart is a green bar-graph illustrating the monthly percent change of the cost of motor vehicle insurance from January 2022 to January 2024. Those costs rose every month last year, leading to the highest one-year spike since 1976.

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.
Chart of the Day

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

Experienced professionals from our wealth management services team can help you achieve a bright financial future through investment strategies tailored to you. We’ll show you all of the options available and help you choose the ones best suited to you. We’ll provide high-quality, personal service as we work toward your goals together. Our Portfolio Managers do not receive commissions on trades; our recommendations of investments are based solely on your best interests.

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