Inflation: Car insurance prices up 17% since 2020, says study – Yahoo Finance

insurance

Drivers in the U.S. are paying about 17% more for their car insurance since 2020, according to a new study by Insurify. The average coverage for vehicles is now $1,750 per year.
Michigan drivers pay the most to insure their cars — an average of $2,510 per year. That's about 55% higher than the average $762/yr paid by vehicle owners in Hawaii, the least expensive state for coverage.
Inflation, traffic accident rates, medical costs and vehicle repair prices all played a role in increasing premiums.
"While we saw the economy accelerate and demand rebound following the pandemic, Americans' overall cost of living, including insurance, increased in 2022 due to built up pandemic-related disruptions and increased inflation," Snejina Zacharia, CEO of Insurify told Yahoo Finance.
As for vehicles, the most costly to insure is the Infiniti Q5 at $3149. Tesla’s (TSLA) Model 3 is the second most expensive vehicle to insure at $3,040 per year.
Drivers have seen a steady increase for motor vehicle insurance with prices in September 10.3% higher than the same month last year, according to the Bureau of Labor Statistics' latest Consumer Price Index reading.
The study also found the most expensive cities to insure vehicles include:
Detroit: $4,593
New York, NY: $3,657
Warren, Mich.: $3,236
That compares to the cheapest car insurance costs found in the following metro areas.
Honolulu: $768 per year
Winston-Salem, NC: $820
Raleigh, NC: $929.
The study found location significantly impacts car insurance prices. Regional factors like mild weather, lenient local regulations, and minimal traffic congestion often lead to less expensive rates.
Rising insurance costs are altering driving considerations by policy holders. About 65% of drivers are considering driving less, according to a Insurify survey released earlier this year.
Some 30% of drivers surveyed are thinking about buying a hybrid or electric vehicle to cut back on costs. An astonishing 10% of vehicle owners are considering dropping their insurance coverage altogether, despite the legal risks of driving without insurance.
Ines is a markets reporter for Yahoo Finance. Follow her on twitter @ines_ferre
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
In this article, we discuss the 12 cheap value stocks to buy according to Warren Buffett. If you want to skip our discussion, go directly to 5 Cheap Value Stocks to Buy According to Warren Buffett. Warren Buffett and His Investment Strategy Warren Buffett is one of the most successful investors in the world and […]
Dozens of changes are coming to America's retirement landscape.
The FDA accepts Kala Pharmaceuticals' (KALA) investigational new drug application for pipeline candidate KPI-012 for treating persistent corneal epithelial defect. Stock up.
The stock market seems bound and determined to leave investors with bad memories of 2022, with major market benchmarks once again failing to deliver even a tiny bounce as the end of the year approaches. Losses for the Dow Jones Industrial Average (DJINDICES: ^DJI), Nasdaq Composite (NASDAQINDEX: ^IXIC), and S&P 500 (SNPINDEX: ^GSPC) all topped 1% as investors continue worrying about whether the macroeconomic picture in 2023 will remain just as cloudy as it is today. For investors looking for more immediate recognition of their achievements, though, TG Therapeutics (NASDAQ: TGTX) saw its stock move higher after getting good news from the U.S. Food and Drug Administration.
More than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap. Young professionals in the 25- to 34-year-old range and midcareer professionals between the ages of 45 and 54 also departed in high numbers starting in 2019, according to the Bureau of Labor Statistics. The huge gap between companies that need accountants and trained professionals has led to salary bumps and more temporary workers joining the sector.
In an email sent to staff on Wednesday and reviewed by Reuters, Musk said he believes that long term, Tesla will be the most valuable company on earth. He also urged employees to ramp up deliveries at the end of this quarter, after the automaker offered discounts on its vehicles in the United States and China.
Chinese electric-vehicle (EV) maker Nio's (NYSE: NIO) stock price declined again on Wednesday, sliding to end the day down nearly 3%. Before market open on Wednesday, Morgan Stanley prognosticator Tim Hsaio reiterated his overweight (read: buy) recommendation on the stock, with a price target of $16.10 per share. For investors, however, the latest news from Nio overshadowed any potential benefit from the liberalization of the Chinese economy.
Cathie Wood makes big bets on potential huge winners. But Ark Invest's top 10 holdings, including Tesla and Roku, have tumbled in 2022.
Shares of Apple (NASDAQ: AAPL) were falling today on yet another data point showing weak iPhone sales heading into the new year. Market research firm Trendforce cut its forecast for iPhone shipments in 2022 after a COVID-19 outbreak in Zhengzhou, China where Foxconn manufactures iPhones. Due to the capacity crunch at the Zhengzhou plant, Trendforce now expects total iPhone 14 shipments of 78.1 million down from an earlier forecast.
Southwest Airlines, like so many American companies, spent money on dividends and stock buybacks instead of technology and infrastructure.
Warren Buffett’s Berkshire Hathaway has returned a staggering 3,641,614% since its inception in 1965. Those results speak for themselves. By comparison, the S&P 500 has returned 30,209% in the same time frame. A single dollar invested in Berkshire Hathaway in 1965 would have turned into $36,714, while the same dollar invested into the S&P 500 would have returned just $303. But not even Buffett is immune to the law of large numbers. The bigger something gets, the harder it is for it to keep growi
Tesla investors already lost more than $700 billion on the stock this year. How much more can this S&P 500 stock drop?
The worst may be over for the stock market for this cycle, but many economists see more pain ahead for 2023, including a possible recession that will create poor financial-performance comparisons for companies and send stock prices even lower. Greg Adams, director of quantitative and risk management at fund manager Alger, recommends that investors focus on companies with solid balance sheets and strong cash flow to endure tough times. Alger is based in New York and has $26 billion in assets under management.
Beneficiaries of 529 plans will be able to roll over funds from their 529 accounts to Roth IRAs tax and penalty free.
The recession drum beats on, interest rates are rising, and the stock market has taken a tumble, and yet retail sales have risen 6.5% in the last 12 months, trailing a 7.1% increase in the cost of living. The personal saving rate — meaning personal saving as a percentage of disposable income, or the share of income left after paying taxes and spending money — hit 2.4% in the third quarter from 3.4% in the prior quarter, the Bureau of Economic Analysis said. Are people buying stocks during a bearish market, and/or have they run out of their pandemic-era savings?
Yahoo Finance Live examines Apple shares amid concerns emerging around delays in the iPhone 14's production from Chinese manufacturers.
Once a symbol of extravagant wealth, $1 million is now the retirement-savings goal for millions of Americans. For retirees able to accumulate $1 million in savings, the funds translate into inflation-adjusted income of $40,000 in the first year of a three-decade retirement using the 4% spending rule. With the addition of the average annual Social Security payment for retirees of about $20,000, a $1 million nest egg can replace about 85% of a $70,000 median household income.
Oil stocks dominate this list of today's fastest-growing stocks, all eyeing 100%-1,220% EPS gains this year.
For those willing to hear a different — anti-group think — view, Kass has plenty of bets for what could happen over the next 12 months, including Elon Musk saving Twitter at the expense of Tesla , a shock Apple merger, a major plummet in Bitcoin's value and those predicted jumps in gold and oil. Of course, Kass had some predictions, especially political ones, that didn't pan out.
And it's not impacting the country equally either.

source

Leave a Reply

Your email address will not be published. Required fields are marked *