CNBC | Why Car Insurance Rates Are Skyrocketing In The U.S. @CNBC | Uploaded March 2024 | Updated October 2024, 18 hours ago.
Car insurance has gotten expensive. In the U.S. the average annual premium for full coverage car insurance rose 26% to $2,543 compared to last year, according to Bankrate. Fewer auto mechanics, a tighter supply of used vehicles and increased health care bills are fueling rising prices. Cars are also costlier to fix and American drivers are becoming more reckless. There were more than 6.1 million motor vehicle crashes reported to the police in 2021, according to the US. Department of Transportation.
0:00-2:16 Intro
2:17-4:26 Chapter 1 Rising costs
4:27-8:05 Chapter 2 Why rates are increasing
8:06-9:53 Chapter 3 Calculating costs
9:54-12:15 Chapter 4 Driving recklessly
Produced by: Shawn Baldwin
Edited by: Marc Ganley
Supervising Producer: Jeniece Pettitt
Animation: Andrea Schmitz
Additional Footage: Getty Images
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Why Car Insurance Rates Are Skyrocketing In The U.S.
Car insurance has gotten expensive. In the U.S. the average annual premium for full coverage car insurance rose 26% to $2,543 compared to last year, according to Bankrate. Fewer auto mechanics, a tighter supply of used vehicles and increased health care bills are fueling rising prices. Cars are also costlier to fix and American drivers are becoming more reckless. There were more than 6.1 million motor vehicle crashes reported to the police in 2021, according to the US. Department of Transportation.
0:00-2:16 Intro
2:17-4:26 Chapter 1 Rising costs
4:27-8:05 Chapter 2 Why rates are increasing
8:06-9:53 Chapter 3 Calculating costs
9:54-12:15 Chapter 4 Driving recklessly
Produced by: Shawn Baldwin
Edited by: Marc Ganley
Supervising Producer: Jeniece Pettitt
Animation: Andrea Schmitz
Additional Footage: Getty Images
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to make extra money outside of your day job? Take CNBC’s new online course How to Earn Passive Income Online to learn about common passive income streams. Register today and save 50% with discount code EARLYBIRD: https://cnb.cx/3Iwblnk
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Get the latest news: cnbc.com
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Why Car Insurance Rates Are Skyrocketing In The U.S.
