By Karen Morfitt | CBS Colorado
One of the biggest drivers of inflation in America over the past few years has been car insurance. The cost of paying for insurance coverage on a vehicle has soared since 2020, especially in Colorado, which is now one of the worst states in the country in terms of cost.
In 2023, rates jumped an average of 23%, with the pace continuing this year. Rates are up another 16% in 2024 and experts say it could top out at 22% before the end of the year.
Steve Hakes is the owner of Rocky Mountain Insurance Center, a brokerage that helps Colorado consumers shop for carriers.