Back in 1965, the Beatles sang “Baby you can drive my car.” We bet if they were to write that song today, they would encourage their baby to not drive their car, because not only are gas prices becoming outrageous, but insurance premiums keep getting higher and higher.
According to the Bureau of Labor Statistics (BLS), insurance rates in North America have climbed 4.5% in January, 2011 compared to the same period in 2010. In the last year, insurance rates have seen a climb by at least 0.2% every month, and some months the rates climbed much higher.
The National Association of Insurance Commissioners in their most recent report mentioned that back in 2008, the National average was $902 a year. That figure is now closer to $1000 a year.
With the cost of driving constantly going up, the auto industry would have another hurdle to get over to bring people into showrooms.
[Source: PR Newspire]
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