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Brace Yourself: Insurance Rates Are Rising Fast

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By Craig Erwin, Ph.D.

Photo By Mikhail Nilov On Pexels.com

Inflation begets inflation, and inflation has jumped the most in 40 years. Companies are jumping at the chance to raise prices, which leads to more inflation. During the heart of the pandemic, car insurance companies gave customers WFH rebates or lowered rates because working from home greatly reduced the miles they put on their cars. But that didn’t work out well for the insurers because they ended up having lousy financial results. So, what do you think they are doing to get their financial performance back on track? They are raising rates so they can make more money. This helps insurers, but it increases inflation and hurts customers like you and me. It looks like we’re going to be paying more for a lot of things. Insurance is just the tip of the iceberg.

Have your insurance rates gone up recently? If so, do you feel the increase was justified? Have you noticed the prices of other things going up? Have you taken steps to save money? If so, which steps?

For more information on insurance, inflation, spending, and the Federal Reserve, click on the links below:

The Federal Reserve Is As Worried About Prices As We Are
Better Watch Out: The Fed Means Business
Inflation May Turn Dollar Stores Into $2 Stores
The Federal Reserve Is Ready To Pounce On Inflation

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