Recent increases in car insurance expenses - over and above medical costs - are explained by high losses due to extreme weather and the increasing number of vehicle miles traveled by Americans each year. Why Are Car Insurance Costs Increasing Faster Than Medical Care Costs? As it turns out, your car insurance expenses aren’t as much about the vehicles involved but rather the humans who are involved with car insurance claims. This means that collisions that end up totaling cars aren’t the reason why car insurance prices have skyrocketed.Ĭheck Out the Cost of Medical Care Over TimeĪs the costs of medical care have exploded over the past 40 years, the inflation in car insurance costs has closely followed the same trajectory. On its own, that’s a surprising statistic. The Cost of Buying a New Vehicle Is Similar to the Cost in 1996Īccording to the BLS’s new vehicle index, the cost of buying a new car in America has remained essentially flat since 1996. While the technologies inside the car have changed, the need for a good mechanic hasn’t. The cost of repairing a car has increased at the same rate as the overall CPI, which isn’t surprising because repairing a car is primarily labor-intensive. Repairs Have Risen With the Overall Cost of Goods But why? To find out, MoneyGeek investigated the relationship of auto insurance costs to the inflation of other costs related to auto insurance, starting with the overall consumer price index, or CPI. Bureau of Labor Statistics (BLS) tracking, the average cost of car insurance has increased over twice the overall rate of inflation in the past 40 years. A full range of Insurance Options are available for you to review and purchase to compliment your vehicle and loan, providing you with protection for the unexpected.Do you ever feel like your car insurance rates keep on increasing, seemingly for no reason? You’re not alone. It is also important that we help protect you in the event the worst happens. Applications that are quick and easy, apply online whenever you want.We can evaluate your circumstances and see if there is a solution for you Options if you don't have a deposit or trade.Ability to use your trade as your deposit.Full disclosure around how repayments are calculated.A range of interest rates and finance terms.If you make your own selection as to term and deposit you will see this information updated. Whilst these are examples, they provide you with information such as to how the repayments are calculated, including interest rate, deposit, term and the total amount payable over the term. You will see finance repayments advertised with each of our vehicles. No matter whether you’re self-employed or working nine to five, we understand your circumstances and are here to help. ![]() Helping you find the right vehicle finance package is our priority, ensuring it fits within your budget and our finance providers lending requirements. We can tailor a finance package that you are completely comfortable with, one that suits your budget and your lifestyle.Īt Quay Cars we are committed to responsible lending, and whatever your current situation, we are here to work with you to ensure you make an informed decision. We offer quick & easy, competitive vehicle financing through Quay Cars, where we work hard to make your vehicle buying experience as hassle free as possible.
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