Rising auto insurance rates are contributing to higher inflation in the U.S. as car prices decrease. The Consumer Price Index reports a 3.5% increase in consumer prices, with notable spikes in gas, housing, and auto insurance costs. Progressive ($PGR) sees a significant increase in earnings and revenue, with a 22.2% year-over-year rise in auto insurance premiums. American car buyers are experiencing sticker shock due to soaring insurance costs, making car insurance a major contributor to high inflation.
This week's Consumer Price Index showed insurance prices up 22% over the last year, the largest annual jump seen in data that goes back 40 years. It's the latest sign the American driver is facing the worst price shock in a generation. https://t.co/GyMwL5KFdq
Why auto insurance rates are skyrocketing in the U.S. https://t.co/QzyeOYiq0F
The Progressive Corporation $PGR quarterly earnings Revenue of $16.15B (+19.33% YoY) misses by $1.28B. EPS of $3.73 (+473.85% YoY) beats by $0.56. https://t.co/KveLVNfAK6
Where U.S. Inflation Hit the Hardest (March 2024) A notable increase is auto insurance which jumped 22.2% year over year. Not everything is more expensive relative to last year. For example, in the food category, ham prices fell by -4.2%, while eggs fell by -6.8%. https://t.co/i8grgpSE3U
Auto insurance rates are soaring. Rates were up 22.2% year-over-year in Q1 of 2024: The highest year-over-year increase in nearly 50 years. Why is this happening? Many reasons, but to list a few: - More cars being totaled - Parts and labor costs have gone up - Longer repair…
Largest y/y increase in car insurance premiums since the 1970s... $PGR $TRV $BRKB $ALL -More expensive to fix cars -Shortage of mechanics -Electric vehicle repairs are even more expensive (22.3% more expensive per fix on avg) -Hertz $HTZ said repair costs on $TSLA were twice as… https://t.co/p690stAc7a
In case you missed the memo... Auto insurance rates are soaring. Rates were up 22.2% year-over-year in Q1 of 2024: The highest year-over-year increase in nearly 50 years. Now add that to already high vehicle prices and interest rates... and you have a perfect storm brewing.…
Largest y/y increase in car insurance premiums since the 1970s... -More expensive to fix cars -Shortage of mechanics -Electric vehicle repairs are even more expensive (22.3% more expensive per fix on avg) -Hertz $HTZ said repair costs on $TSLA were twice as high as expected -More… https://t.co/4BYzXHjza7
Car insurance rates are up 43.7% since January 2020, making car insurance premiums one of the bigger contributors to high inflation. Here’s why https://t.co/oohzru6BrM
Where U.S. Inflation Hit the Hardest iun March 2024 https://t.co/9LW8IUszH7 by @VisualCap https://t.co/wUZgJOIh1v
A new form of sticker shock has hit American car buyers: soaring insurance costs. https://t.co/VjFRUO5M1q
💰 Progressive $PGR EPS. vs Forecast 3.21 / 3.11 🟢 Rev. vs Forecast 18.96B / 17.14B 🟢 Market Cap: 118.46B
$PGR (+2.4% pre) Progressive GAAP EPS of $3.94 beats by $0.64, net premiums earned of $16.15B misses by $1.06B - SA https://t.co/f6mzHVDQUn
$PGR If you're wondering who benefited from the auto insurance inflation in Wed's CPI, look at PGR's 425% Y/Y EPS increase in Q1
HOW TO HEDGE AUTO INSURANCE PREMIUMS Auto insurance premiums are going thru the roof! Up 22% YOY according to CPI Guess who reports today? Progressive ($PGR) PGR has had 14 upward earnings revisions, and zero downward PGR had 1 upward revenue revision, and 4 downward… https://t.co/GiCAr0uDTV https://t.co/AmBpkh8vpa
HOW TO HEDGE AUTO INSURANC3 PREMIUMS Auto insurance premiums are going thru the roof! Up 22% YOY according to CPI Guess who reports today? Progressive ($PGR) PGR has had 14 upward earnings revisions, and zero downward PGR had 1 upward revenue revision, and 4 downward… https://t.co/udAWSk6ux1 https://t.co/AmBpkh8vpa
🇺🇸 Where U.S. inflation hit the hardest (March 2024). Year-over-year price increase: 💿 Video discs + other media: 30.1% 🧃 Juice + drinks: 27.5% 👨🏽💼 Motor vehicle insurance: 22.2% 🪑 Repair of household items: 18% 🏡 Home care of invalids + elderly: 14.2% 🚗 Motor vehicle…
March inflation breakdown: What prices are rising the fastest?. https://t.co/m9hcmOLiia Click the image to read more:
Prices in March rose 3.5% from a year ago, accelerating inflation for the third straight month. For U.S. consumers, that means spending more, but actually buying less. CBS News' @jolingkent breaks down prices where some Americans are feeling it the most: the grocery store. https://t.co/CaIs5GFp7p
A day earlier, the Consumer Price Index revealed that consumer prices for gas, mortgages and household goods vaulted to a 3.5% increase for the 12 months ending in March, according to the Bureau of Labor Statistics. https://t.co/8vfCH5ceRZ
In one of the cruel twists of an inflation-weary U.S. economy, car prices are finally coming down. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates. https://t.co/bFThPCKJPH
Inflation jumped in March as prices for consumer staples such as gasoline edged higher and those for housing remained stubbornly high. Here's the inflation breakdown for March 2024: https://t.co/wUzjkV6Id7 https://t.co/yz0yn1vF5e
Why car insurance costs are skyrocketing and leading to higher inflation https://t.co/PxPW776zQE