2023 Outlook For Car Insurance Buyers: Here’s The Bill

on Nov 20, 2022 02:22:PM

Inflation, continued supply chain woes, and expensive car accidents are leading the way to higher car insurance costs in 2023. During the height of the pandemic, with driving greatly reduced, accidents and claims were also down. Now drivers are back on the road, and the resulting accidents are costing a whole lot more in car insurance claims thanks to pricier parts, labor and medical bills. The rising cost of car insurance is the main trend car insurance buyers can expect to see in 2023, and here are the major contributing factors. The Consumer Price Index (CPI) saw an increase of 7.7% for the 12-month period that ended in October 2022. The CPI saw its largest 12-month increase in 40 years, in June 2022, when the CPI was up 9.1%. Read more