By Rory Joyce on May 16th, 2012 in Consumers
Most consumers forget (or at least try to) how much of a burden keeping their cars fueled up and insured is on their wallets. Using data from the Bureau of Labor Statistic’s latest CPI report, we looked at the top expenses for the average US household. Remarkably, gas and insurance are the third highest expense for most households, only behind shelter and food.
Alarmingly, both costs are on the rise. The CPI report also indicates that car insurance rates are increasing, growing at 3% year over year.
The situation for gas is even more troubling. In some markets such as California, costs have approached $5 per gallon, reaching levels not seen since the middle of 2008. The overall US average cost/gallon has increased more than 20% in just the last 6 months:
So what can you do to buck the trend? For insurance, CoverHound has you covered. Some of our happy customers have saved as much as $800/year using our service. See how much you can save in as little as 3 minutes.
To cut costs on gas we recommend carpooling, using public transportation, buying a more fuel-efficient vehicle, and using cool services like gasbuddy.com to help locate the cheapest stations in your area.