Individuals getting new car insurance quotes in March 2011 may have received slightly higher rates, as the Bureau of Labor Statistics says there has been a modest month-to-month and year-over-year increase in auto insurance rates in the U.S.
According to recent government statistics, average auto insurance rates in the country increased 0.1 percent from February to March. Additionally, the March Consumer Price Index Report reflected a 4 percent increase in auto insurance rates compared to March 2010.
However, compared to last year, March’s numbers are actually an improvement. The February CPI reported a year-over-year increase of 4.2 percent.
Consumers feeling the pinch
Auto insurance rates were not the only area where consumers felt the pain of increased costs. The Consumer Price Index showed that food and gasoline costs also increased and accounted for nearly 75 percent of the cost increases.
More specifically, the cost of food rose 0.8 percent in March with prices for certain food groups rising nearly five percent, such as fresh vegetables. With necessities, including healthy foods, rapidly rising in price, it is becoming increasingly difficult to handle even modest increases elsewhere, including the 0.1 percent jump in auto insurance rates.
Rising gas prices
For car owners, the rise in gasoline costs is also a major concern, as, combined with consumer car insurance costs, owning a vehicle is becoming much more expensive. The March report reflected a seasonally adjusted 5.6 percent increase in the gasoline index, following a 4.7 percent increase in February.
Some car owners are trading in their vehicles for smaller, more fuel efficient cars in an effort to avoid the cost-crunch, but not all consumers can afford to do so. Therefore, some drivers may find it helpful to get a free online car insurance quote to see if they can cut some of their vehicular expenses by lowering their auto insurance rates.
Some auto insurers may offer discounts or other features that make them more affordable than drivers’ current insurers and may allow them to reduce their car insurance costs from their current levels. Finding car insurance savings may help many families reduce their budgetary stress and feel safer driving down the road.