Insurance is a product that we are legally forced to purchase. In fact, forty-nine states require drivers to have at least liability coverage. New Hampshire, the only exception, does not mandate insurance but requires drivers to prove they have sufficient funds to meet responsibilities in the event of an accident.
The alarming surge in car insurance premiums, a staggering 19.1% increase over the past year, is unprecedented. This rise, the highest since 1976, is thanks to inflation over the last three years of the Biden Administration.
Higher insurance costs are now compounded by increased interest rates on auto loans, rendering a new vehicle unaffordable for many. Twelve states have witnessed a 30% or more increase in uninsured drivers—with South Dakota, New Hampshire, West Virginia, Oregon, and Indiana having the highest levels, according to J.D. Power.
However, consumers can take proactive steps to combat the escalating insurance costs. Market research for better rates, raising deductibles, or undertaking defensive driving courses are some of the measures that can help reduce costs.
Sign up for www.Change.MillionVoices.org today (text MV to 80550). And share this article with your friends and family so they can stay informed.
