MINNEAPOLIS — Some drivers may be in for a shock when their next car insurance bill arrives. The Consumer Price Index shows car insurance rates have gone up 20% nationwide and that includes Minnesota and western Wisconsin.
If your car insurance is suddenly as much as a car payment, you are not alone. Consumers are feeling the hit nationwide.
Among the reasons:
- Auto thefts are up dramatically.
- People are driving more.
- Auto repairs are getting more expensive because of more expensive parts and added technology features.
- There are more uninsured drivers — in Minnesota the estimate is 10% of drivers are uninsured.
- Medical care for those injured in crashes is also more expensive.
- And, finally, there is more severe weather connected with climate change.
The Minnesota Department of Commerce oversees insurance companies. WCCO spoke to Minnesota's Commerce Commissioner Grace Arnold, who oversees and has to approve rate increases.
Arnold advises consumers to shop around, as it does make a difference.
Arnold says you can also file a complaint against your insurance company with the Commerce Department, and can check to see if your insurance company is licensed in Minnesota.
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November 22, 2023 at 06:05AM
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