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. Once the final payment is made, the HP contract ends and you own the car.Do you ever feel like your car insurance rates keep on increasing, seemingly for no reason? You’re not alone. You pay an initial deposit, followed by monthly payments which are set by you. When the contract expires, you return the car, or take out a contract on a new one. You take control of the car for a contractual period and make fixed monthly payments. You can either pay this to keep the car, part-exchange for a new car, or hand the car back. At the end of your payments, a final larger payment remains. You pay an initial deposit, followed by monthly payments. Speak to one of our product consultants for more information.
Just let us know if you know you have a poor credit score, and we will try to match you with the most appropriate lender. We work with more than 20 lenders to find the right finance package. That doesn’t necessarily mean you won’t be able to arrange a finance deal with us. Some of our lenders may be willing to underwrite this type of finance, either as an unsecured personal loan or a hybrid finance arrangement, where the car is on a secured agreement but the negative equity on a personal loan.Ĭan I still get finance with a bad/poor credit rating? We can help you to work out the ideal time to change your car – pop into a branch and speak to one of our product consultants. I’m in negative equity with my current car – can I still get finance? You simply need your debit or credit card (to pay the initial deposit) and your driving licence, as a form of identification.
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