Skyrocketing car insurance rates contributing to inflation [Video]

GREEN BAY, Wis. (WBAY) – If you’ve seen your car insurance rates skyrocket recently, you’re not alone. They’re up 21%, the highest rate jump since 1976.

This information comes from the newly released Consumer Price Index.

The problem is so severe that car insurance premiums alone contributed half of a percentage point to the overall 3.2% inflation rate last month.

Why is it happening?

For one thing, the CPI report says the cost to repair a car is up 6.7% for the year.

The number of traffic deaths in the U.S. is also rising.

Experts say riskier driving behaviors, like speeding and texting behind the wheel, are also on the rise.

Insurers logged losses on 27% of collision claims in 2022, which is 3 points higher than in 2021.

Insurance rates vary widely from state to state. The money expert website Money Geek says in Wisconsin the average car insurance cost is $907 per year. That’s on the high end …