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By Ian King, Banyanhill.com
The CPI data is in, and inflation is officially beginning to cool down … but auto insurance is up 22% year-over-year.
One of my friends showed me his latest premium statement, and it was up over $400.
That’s not good.
According to Bryant University Mathematics Professor Rick Gorvett, a Fellow of the Casualty Actuarial Society, the recent spike was caused by a “perfect storm” of factors.
He discusses a few of the factors that led to these higher rates — the cyclical nature of the insurance business, supply chain issues, increased vehicle repair costs, social inflation and driving behavior.
If you’ve ever been on the I-95 in Florida … I’m sure you’ve witnessed that last factor.
But what can we do?
The answer could, in fact, be crypto…
Or in other words: blockchain technology.
Check out today’s video, in which we explore why inflation is cooling, what Bank of America has to say about it … and a possible hedge against auto insurance.
More MLP Checks Are Set to Go Out July 2nd
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