Kamalanomics: Car insurance prices have risen 54% since 2021
The overall cost of vehicles has increased, from the cost of new (19%) and used (20%) cars, as well as insurance and maintenance (30%).
Cars
Car insurance prices have seen an alarming 54% increase from when the Biden-Harris duo took office in 2021 until now, according to a recent article by Breitbart based on data from the St Louis Fed.
The rise in insurance prices is just a reflection of broader problems in the economy, many of which are a direct result of the policies implemented by the Biden-Harris administration.
Car prices and maintenance costs rise
New car prices have also increased by 19% since Biden and Harris took office, according to Consumer Price Index (CPI) data. The cost of used cars and trucks increased by 20%, and even the average price of vehicle maintenance and repair has risen by 30%. This does not include fuel prices, which also reached an all-time high.
The country's highways have always seen a significant number of new cars. Until some time ago, buying a relatively new vehicle was something that many Americans could afford. However, in 2024, due in part to poor economic conditions, the average age of cars set a new record: 14 years old.
A study by automotive industry consultancy S&P Global Mobility revealed that "vehicles on the road are getting even older." Vehicle registration data from across the country evidences that the average age of a car today is 14 years. In the light truck category, the average age is 11.9 years, and the average for all vehicles is 12.6 years.
In addition to insurance, the overall cost of living has increased, which has created significant economic pressure for many families.
LATEST
