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Another Reason To Cut Your Car Addiction
Oil is down; the market is up.
But just when you think it’s safe to get back in the car, insurance rates are headed higher. The culprits, according to Insurance.com, are higher medical bills and repair costs. (Inflation hurts whether you fix body parts or car parts.)
The company said its lowest quotes increased an average of 3.4% in the second quarter. If such a trend keeps up, rates could jump 14% in a year!
With bills for everything going up - food, electricity, health care - it’s no wonder that Americans have finally started driving less and buying fewer gas guzzlers. Heck, we’re even shopping for cheaper stuff and considering smaller houses. This is what it feels like to go in reverse.
But, not everyone’s rates are moving higher. In North Carolina, car insurance quotes fell 8.7% in the second quarter while quotes for New Hampshire, Tennessee, Lousiana and Delaware also dropped. So, if you’re feeling pinched and really want to stretch for that new Buick Enclave, maybe you should give the Tarheel State a try.
Not ready to move, but staking a hit on your policy? Add your voice to our car insurance reviews.
– Ari Weinberg –
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I recently decided to downsize my car due to gas prices and when I went to insure the new car I found my rate had actually gone up about 4%. When will it end?