Rising US Auto Insurance Rates Are Disproportionately Hurting Classic Car Owners
DALLAS, TX (January 9, 2025) – If you think your auto insurance rates have skyrocketed in recent years, you’d be right. The Consumer Price Index (CPI) saw the cost of auto insurance rise 51% over the past 3 years, six times faster than inflation overall. What made auto insurance see the biggest price jump in the CPI? Blame the lingering effects of COVID and the increase in reckless behavior seen on US roads. There were more frequent, faster than-normal speeding drivers and drunk driving surged, leading to a spike in crash severity, all of which led to more catastrophic vehicle and injury claims on auto insurers. Moreover, the pandemic created materials, parts, and labor shortages, causing repair costs for customer claims to climb like never before. Both factors combined have caused auto insurance rates to soar with little relief in sight.