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Premium Pile Ups: Auto industry prices increase in passenger vehicle premiums, critical maintenance and more, says Desrosiers report

Toronto, Ontario — Desrosiers Automotive Consultants has released an automotive consumer price index percent changes report comparing April 2024 to April 2023 data. This data specifically shows that passenger vehicle insurance premiums have increased by 6.8 percent.

Data from the report also shows that following increases to passenger vehicle insurance premiums, gasoline price increases were also not far off, at a 6.1 percent increase.

Moreover, in the critical maintenance category, prices increased 4.2 percent with parts also up 2.9 percent.

Desrosiers’ report further outlined that “this picture does change when looking at vehicle prices, however, with the Consumer Price Index (CPI) for the purchase of new passenger vehicles up at a modest 1.4 percent compared to April 2023.”

Similarly, “used passenger vehicles, which had experienced sharp price growth (…) saw CPI decline of 2.3 percent as of April 2024.”

Andrew King, Managing Partner at DAC commented, “hopefully, price pressures will continue to ameliorate, and interest rates fall further, as the automotive market enters a somewhat unsteady period.”

 

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