Deep Dive: Rising prices trickling down into many aspects in life. Is car insurance next?
In this week’s Deep Dive, rising prices are trickling down into so many aspects in life, and next could be car insurance. News 12's Kristie Reeter is taking a deep dive into the numbers to see how New Jersey compares to other states when it comes to car insurance cost.
In a News 12 poll, New Jersey residents were asked: Have you noticed an increase in your car insurance and what you are paying? In New Jersey, 89% of people switched providers.
Caleb Silver, with Investopedia, answers the question: What have drivers been paying when it comes to auto insurance?
“Believe it or not, drivers in the Garden State actually got a break last year,” says Silver. “Car insurance rates fell about 5.8% on average, that's not what happened nationwide, they are up about 3%, so that was a function of less driving, less commuting and less repair costs in 2021."
Car repairs and car costs, what's the industry that he is looking at now?
“We are already seeing increases,” says Silver. “According to the latest CPI, auto insurance rates are up about 3.1% nationwide and that's about the same in New Jersey and some of the biggest insurers are also starting to raise rates anecdotally as well. So, you can expect higher car insurance rates this year in 2022 in New Jersey."