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☆ 1976 was the last time car insurance rates rose this fast
▼ + stars: | 2024-03-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But here’s something that hasn’t changed much: the pace at which car insurance rates are rising. Car insurance rates are up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was 1976, not counting January, which saw the same annual rate increases. The rise in car insurance rates alone contributed half a percentage point to the overall 3.2% inflation rate last month. Meanwhile, drivers in North Carolina saw the smallest bump in car insurance rates, up just 5.5% over that same timeframe.

Persons: Gerald Ford, Steve Jobs, Steve Wozniak, hasn’t, it’s, Tim Zawacki, Zawacki, ”, Robert Passmore, “, ” Zawacki Organizations: New, New York CNN, Apple, P Global Market Intelligence, CNN, National, LexisNexis, Casualty Insurance Association, Silver State Locations: New York, Nevada, Wyoming, Silver, North Carolina

☆ Car insurance rates just had their biggest annual jump in 47 years. This is why
▼ + stars: | 2023-09-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

While that insurance is for a 2022 Porsche Taycan, even friends of his who drive lower-end models are paying more for car insurance, he told CNN. Yet he's seen his car insurance rates increase from $140 a month in 2020 to his current rate of $278 a month. Car insurance rates are increasing for a variety of reasonsTwo months ago, Nationwide notified Darnell Coates-Clark, 55, an EMT based in Baltimore, that he would be hit with a 33% increase in his car insurance. He acknowledged he doesn’t have “stellar credit,” which is known to impact car insurance rates. Darnell Coates-Clark saw his monthly car insurance rates double over the past two years.

Persons: Kyle Barone, Barone, didn’t, USAA, He’s, “, ”, hasn't, he's, haven’t, Darnell Coates, Clark, Coates, ’ ” Coates, hasn’t, Ryan Ankrom, Clark USAA, Andrew Femath, Stephen Crewdson, Hurricane Ian, Robert Passmore, Crewdson, ” Crewdson, Betsy Stella, Insurify, what’s, “ I’ve, “ I’m, I’ve Organizations: New, New York CNN, Volvo, CNN, Porsche Taycan, Norwegian Cruise Line, Kyle Barone Drivers, Sunshine State, Nationwide, P Global Market Intelligence, Casualty Insurance Association, National, Traffic Safety Administration Locations: New York, United States, Florida, Jacksonville , Florida, Tampa, Norwegian, Sunshine, Southwest Florida, Baltimore, Maryland, Hurricane

☆ Fireworks cause $59 million of property damage a year. Your insurance policy may cover it
▼ + stars: | 2023-07-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Renphoto | E+ | Getty ImagesWhat homeowners and renters insurance likely coverThe typical homeowners insurance policy has two coverage areas. The second is for liability; this covers you if you're liable for injury or property damage to another person, perhaps a friend or neighbor harmed by an errant firework. Fireworks caused $59 million in direct property damage in 2021, according to the most recent data from the National Fire Protection Association. Homeowners policies generally cover fire damage, whether to the house, patio furniture or other property, Passmore said. Insurance policies generally carry exclusions.

Persons: Robert Passmore, Passmore, they're, Kochenburger, Peter Kochenburger Organizations: National Fire Protection Association, American, Casualty Insurance Association, NFPA, University of Connecticut Locations: U.S

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