Inflation today is higher than it has been in 40 years. Every American is feeling the effects, but the impact is even more acute for car owners. Gas prices have increased nearly 40% in the past 2 years. It costs an average of $51.87 to fill up a normal car’s tank. Prices at the pump are the most visible sign of inflation for many Americans.
However, gas isn’t the only price that’s rising. Car insurance premiums have gone up anywhere from 5% to 15% this year. That adds up to $1,655 per year, or $138 per month. AllState and StateFarm, some of America’s biggest auto insurers, are filing for rate increases in 2022.
What can car owners do to save? One simple way is to drive less. 10% less driving puts $275 back in your pocket at the year’s end. 43% of Americans have already cut unnecessary trips.