Drivers pay 20.3% more in 2024 to insure their vehicles. (Credit: PhotoSpirit/Adobe Stock)
The 20.3% surge in motor vehicle insurance since 2023 is the highest inflation increase for any major industry category over that time, according to Joey Von Nessen, a research economist at the University of South Carolina's Darla Moore School of Business.
Other major categories from the Consumer Price Index include food and beverages, housing, and medical care.
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
