Car insurance rates are surging as Americans struggle to pay for basic necessities and ongoing debt.
The newest Consumer Price Index shows car insurance spiked 20 percent year over year. The surge in pricing occurred after years of gradual price inflation, with earlier reports finding the rates grew by 36 percent since 2020.
That’s at the same time debt is soaring for many Americans. While Americans hold around 1.75 trillion in student debt loans alone, they also have $1.05 trillion in credit card balances not paid off.
Electric cars are a contributing factor to both of these trends.
With respect to more expensive cars, people don’t have a choice.
The most sold vehicle in the USA are oversized pick-up …
I’d like to see the figures you’re looking at. SUVs are usually counted as “light trucks”, and manufacturers have killed off a lot of car lines and replaced them with SUVs.
More people are buying electric cars. Electric cars are heavier, and so are electric “light trucks”. More electric cars on the road is going to push the average weight of vehicles on the roads upwards. Heavier cars take farther to stop and they aren’t as nimble. Heavier vehicles are more likely to be involved in an accident, and accidents are going to be more severe.
https://en.wikipedia.org/wiki/Ford_F-150_Lightning#Overview
https://apnews.com/article/technology-road-safety-national-transportation-board-automotive-accidents-dd5c4260f68e9f5dcb430a02cc939f6b