Biden-flation has had a bad impact on everything, including car insurance. According to the latest data, auto insurance is up a whopping 26% from just last year.
"We know that inflation increased the cost of vehicle parts and labor" said Shannon Martin, analyst for Bankrate, "And car insurance companies right now they are trying to recoup what they lost."
That is more bad news for Bidenomics. The average cost of auto insurance right now here in Texas is anywhere from $1,500 per year to around $2,000.
"The average household is putting 3.4% of income just towards car insurance" Martin told KTRH.
But if you think $2,000 a year is bad, it could be worse. A lot worse.
According to the numbers, the metro area of Detroit is paying $5,800 a year for car insurance.
There are many ways to lower your rate, including shopping around. The #1 thing you can do to make your premium go higher? Add a teenage driver.
Photo: fizkes / iStock / Getty Images