Soaring gas prices aren’t the only expense U.S. drivers are grappling with these days. Insuring a vehicle costs roughly $700 more now than before the, industry data shows.
The typical motorist will spend $1,771 on auto insurance this year, up nearly $100 from 2021, according to a new Bankrate study. But that is up sharply from 2019, when annual premiums totaled $1,070, according to the National Association of Insurance Commissioners. That is raising the costs of car ownership at the same time that buying, servicing and fueling a vehicle also gets pricier.
“Households’ transportation budgets are already under significant financial strain amid the highest inflation in 40 years, and almost every facet of driving is getting more expensive,” Bankrate analyst Sarah Foster said in a statement.
Gas prices, whichof $4.33 a gallon on March 11, now average about $4.22. Meanwhile, the average