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You may have felt the recent increases in auto insurance.  In the latest Consumer Price Index data from the U.S. Bureau of Labor Statistic, auto insurance rates have risen by 20.3% from December 2022 to December 2023.  In reporting from Reuters, the reason behind this increase can be attributed to increasing labor and parts costs, increased vehicle prices, and declining demand from reinsurers.  It’s more than that; it’s also about poorer driving habits (i.e. more texting, more reckless driving, etc.) more accidents, thefts, natural disasters and more creating claims, higher payouts per claim especially with EVs, and inflationary pressures that increase costs even more in the future.

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