Car insurance costs around the country are going up as insurers receive more claims from areas struck by storms and other climate disasters.
The home insurance market isn’t the only part of the insurance agency being roiled by extreme weather. “Now, car insurance quotes are reflecting trends seen across the home insurance market as climate change becomes an increasingly prevalent — and costly — factor,” writes Kiley Price in Grist.
An August report predicts that car insurance costs will rise by 22 percent by the end of 2024, with rates rising by as much as 50 percent in California, Missouri, and Minnesota. “That’s due to a number of factors, including inflation, extreme weather, and more cases of severe accidents or dangerous driving.” According to professor Andrew Hoffman, “It’s actually secondary perils that are really having a dominant influence on driving up insurance costs.”
FULL STORY: Climate-fueled extreme weather is hiking up car insurance rates
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