Car Insurance Costs Soar 55% Since 2020 Amid Rising Claims, Seniors Overpaying

Insurance premiums for both home and auto coverage have been rising significantly across the United States, putting financial strain on many consumers even if they have not filed claims. Homeowners face sharply increased rates, but tools are available online to compare providers and potentially save hundreds to over a thousand dollars annually. Auto insurance premiums have surged about 55% since 2020 due to more expensive vehicles, costly repairs, and higher medical bills from accidents, although experts suggest rate hikes may be stabilizing as insurers adjust their pricing. Older drivers, in particular, often pay more for car insurance despite driving less, highlighting the importance of shopping around to find competitive rates. Additionally, potential federal government shutdowns could pause SNAP benefits and halt Affordable Care Act subsidies, which would further exacerbate insurance premium challenges for many Americans, especially in states like Wisconsin. Consumers are encouraged to proactively reassess their insurance plans to avoid overpaying amidst these rising costs.