4 reasons why your car insurance premium is soaring

Updated September 13, 2023 at 8:52 AM ET

It’s not only car prices that are giving drivers sticker shock these days — it’s also happening when they open their car insurance bills.

The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday.

On a monthly basis, car insurance prices rose 2.4% between July and August, contributing to a…

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