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Chart of the Day: Car Insurance Up 37%

Crews Bank & Trust Wealth Management Services Feb 29, 2024
Chart showing car insurance price in blue and overall consumer prices in black

Contents

Today’s Chart of the Day from Bloomberg with data from the US Bureau of Labor shows the inflation of car insurance (black) vs. everything else (blue) going back to 1970.Quite simply, car insurance has gone up 37% since 2020. The reasoning is primarily due to the increase in the complexity of automobiles, including additional sensors, computers, and in the case of EV’s, the cost of motors and batteries.
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.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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