Various factors are causing the cost to repair, replace and insure cars to rise. Auto insurance rates continue to rise due to economic and environmental trends such as labor shortages, more severe accidents and increasing repair costs. Here are some factors contributing to these premium increases.
Various factors are causing the cost to repair, rebuild, and insure homes to rise. Changing trends are affecting the home insurance industry, leading to an increase in the cost of insurance. Labor shortages, extreme weather and residential reconstruction costs up 4.9% from July 2023-July 20241 are just some factors driving insurance rates. Plus, while the rate of inflation can fluctuate, prices for many items remain high. Here are some of the economic factors impacting premiums.
