The Premier Shield independent insurance agency sees the continued surge in consumer car insurance prices continuing for the remainder of the year and into 2022. If you are a consumer struggling with the rising auto insurance inflation, help is available.
Call 1-774-847-7746 and speak with a Premier Shield insurance agent to help you find a more affordable policy for your car or request a cheaper car insurance quote online.
Premier Shield Insurance Agency owners follow insurance and economic trends in the US. ‘The latest CPI showed the auto insurance prices up 16.9% in May, following a 6.4% increase in April‘ according to CNBC.
Working middle-class and the lower end of our society haven’t done as well during the pandemic as the elite and wealthy class.
The upper class in our society has increased wealth at the fastest pace since 2019, however, the current inflationary environment simply won’t continue forever. So if you’re trying to make ends meet and cost are rising but you’re wages aren’t, you have a major problem.
It’s important for you to understand “Long-run impacts of COVID-19 on extreme poverty“. While you yourself may be upper or middle class, it’s important to understand how the economics of the coronavirus has impacted our society and how they will shape them going into 2020.
Why are consumer vehicle insurance prices rising in 2021 and 2022?
As consumers struggle with car insurance inflation, we are frequently asked “Why are consumer vehicle insurance prices rising in 2021 and 2022?”. The truth is, inflation is inflation. Most goods and services are inflationary by nature. Learn more about how inflation works and impacts your consumer prices.
- The CARES Act + U.S. Department of the Treasury’s Covid-19 Economic Relief = INFLATION (total potential lending ($3.92T): If you think you’re getting something for free, you are not. You are getting something now for something less in the future, it’s a trade-off. Inflation is a huge part of economics. “The allocation of scarce resources” is the definition of economics. When you have more money in a system chasing the same goods and services, the price adjusts to slow demand. When prices continue to climb and behavior doesn’t change it’s called “run-away-inflation” and according to me (Brian Plain) and CNBC “We don’t need to see runaway inflation!”
- The Consolidated Appropriations Act, 2021 (2nd Round of Stimulus Checks): If you got a “second free stimulus check” from the government, understand that this will lead to higher inflation into 2022, 2023, and 2024 economic cycles. What is the Consolidated Appropriations Act of 2021? “It was a $2.3 trillion spending bill that combines $900 billion in stimulus relief for the COVID-19 pandemic in the United States with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year (combining 12 separate annual appropriations bills) and prevents a government shutdown” Learn more about the Consolidated Appropriations Act of 2021 on Wikipedia.
- Joe Biden’s stimulus bill The American Rescue Plan: So what is “The American Rescue Plan Act of 2021”? Well, it’s also called the “COVID-19 Stimulus Package” or “American Rescue Plan”. Read Pub L. No. 117-2 (March 11, 2021), is a $1.9 trillion economic stimulus bill passed by the “117th United States Congress and signed into law by President Joe Biden on March 11, 2021“, to speed up the United States’ …
- New & Used car prices have surged: One of the main drivers of your vehicle insurance rates is the cost of a vehicle itself. The cost of buying a new or used car has increased 4.9% year over year.
- Inflation & Labor Cost Rise in 2021: This means it cost the insurance companies more money to fix, repair, or replace your automobile or truck.
We don’t see runaway inflation, says LPL Financial Holdings, Inc’s Ryan Detrick
Don’t take my word for it, listen to the experts and “LPL Financial”
Why Should You Compare Premier Shield Auto/Car Insurance Quotes & Rates with Your Current Automobile Insurance Policy”
People often ask, “Why Premier Shield Insurance” and “Why Should I Compare my auto and home insurance policies with an independent insurance agent”?
The answer…It’s simple.
When you compare your rate and quotes for auto and car insurance with Premier Shield Insurance, you’re saving your valuable time comparison shopping multiple auto insurance company quotes and rates (time to spend with your family, friends, catching up on life stuff you’re behind on). If you call a car insurance company for a quote, you can expect to spend around 30 minutes on the telephone with each auto insurance carrier. Call 10 of them you lost one-eighth of your workweek of 40 hours or 12.5%.
As many parents know, we spend more time working than we do with our families. This means that Premier Shield Insurance can help you preserve that valuable and limited time you have with your family by doing the leg work for you as an independent auto insurance agency that has your best interest in mind.
Rising Car Insurance Price Educational Resource Links for 2021 & 2022 by Premier Shield Insurance
If you’re experiencing rising prices for your car insurance, we want to help. We want to help you “even if we never speak with you”, “even if you’re not in one of the Premier Shield Insurance states for low-cost home and auto insurance (Massachusetts, Connecticut, New Hampshire, New Mexico, Ohio, Rhode Island, South Carolina, Maine, Texas, and Virginia) our agents want to help you and at least help you get pointed in the right direction.
- Learn more about “Auto Insurance Premium Comparisons” with Mass.gov
- Understand more Facts and Statistics about Auto insurance from III.org
- What do Consumer Reports say about buying car insurance? Read the “Best Car Insurance Buying Guide” by Consumer Reports
- Auto Insurance Rates Are Rising, and Here’s Why – Investopedia
- Learn about the “Car Insurance Price Trend in 2021” with CNNMoney