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    4 reasons why your car insurance premium is soaring

    The cost of car insurance has jumped nearly 18% in the last year, far outpacing overall inflation. There are several reasons why that's happening.
    by Scott Horsley Sep 13, 2023 3 minutes
    A car accident is cleared at an intersection without power in Charlotte, N.C., on Dec. 24, 2022. Auto insurance costs are soaring — well outpacing overall inflation.

    It's not only car prices that are giving drivers sticker shock these days — it's also happening when they open their car insurance bills.

    The cost of auto insurance jumped nearly 18% during the year ending in July, at a time when overall inflation was running at just over 3%.

    Inflation data set to be released Wednesday is likely to show the price of auto insurance continued to outpace other consumer prices in August.

    Here are four reasons

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