Insurance is now the fastest-rising cost of owning a car

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A Center for Automotive Research paper ties premium growth partly to pricier repairs on tech-heavy cars.

Vehicle insurance has become the fastest-growing cost of owning and operating a vehicle, according to an October white paper from the Center for Automotive Research (CAR), a nonprofit in Ann Arbor, Michigan, as reported by CollisionWeek on Oct 16.

The paper, by CAR senior industry economist Tyler Harp, ties the rise partly to the higher cost of repairing technologically advanced vehicles, such as those with ADAS sensors. It concludes that no single factor (sticker price, financing, insurance or household income) fully explains today's affordability squeeze.

The study was sponsored by the automaker trade group Alliance for Automotive Innovation, though CAR says the findings are its own.

Sources: CollisionWeek