The pandemic sparked a shift in the world of car insurance. Despite providing customers an estimated $16.4 billion in refunds, auto insurance profits increased as fewer Americans drove and the number of auto claims dropped.
But the pandemic continues to shift the industry, and now an increase in insurance costs is expected this year. Supply-chain and labor shortages, high demand for new and used cars, an increase in reckless driving behavior and even natural disasters have created the perfect storm for a price bump.
Here’s why rates might increase and how you can find cheap auto insurance if they do.
