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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

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