Car insurance premiums around the U.S. are soaring. Here’s why.

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Why did auto insurance rates increase?

American motorists are spending less on fuel than a year ago, but any savings are likely being gobbled up by soaring car insurance premiums.

Although prices at the pump in December were nearly 2% lower than a year ago, auto insurance rates jumped 20% over the same period, Labor DepartmentĀ data released on Thursday showed. Insurance coverage farĀ 

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