Car insurance priced at $500 in 1973 $9,183.63 in 2024

Car Insurance Inflation Calculator

$

Prices for Car Insurance, 1973-2024 ($500)

According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance are 1,736.73% higher in 2024 versus 1973 (a $8,683.63 difference in value).

Between 1973 and 2024: Car insurance experienced an average inflation rate of 5.87% per year. This rate of change indicates significant inflation. In other words, car insurance costing $500 in the year 1973 would cost $9,183.63 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.91% during this same period, inflation for car insurance was higher.

In the year 1973: Pricing changed by -1.75%, which is significantly below the average yearly change for car insurance during the 1973-2024 time period. Compared to inflation for all items in 1973 (6.18%), inflation for car insurance was much lower.

Price Inflation for Motor vehicle insurance since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1976 (28.83%), 1948 (20.68%), and 1952 (19.56%).

View price changes for other categories
Admission to sporting events · St Louis, Missouri · Minneapolis-St Paul, Minnesota · Women's apparel · More

Buying power of $500.00 since 1973

Below are calculations of equivalent buying power for Car insurance, over time, for $500 beginning in 1973. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1973$500.00-1.75%
1974$500.250.05%
1975$528.315.61%
1976$680.6428.83%
1977$762.4812.02%
1978$784.742.92%
1979$828.105.52%
1980$895.908.19%
1981$938.334.74%
1982$998.666.43%
1983$1,096.209.77%
1984$1,181.737.80%
1985$1,302.0510.18%
1986$1,474.9613.28%
1987$1,597.218.29%
1988$1,710.387.09%
1989$1,819.196.36%
1990$1,942.786.79%
1991$2,091.837.67%
1992$2,244.337.29%
1993$2,366.755.45%
1994$2,455.473.75%
1995$2,559.074.22%
1996$2,663.504.08%
1997$2,748.113.18%
1998$2,777.431.07%
1999$2,772.48-0.18%
2000$2,804.071.14%
2001$2,928.754.45%
2002$3,184.848.74%
2003$3,434.467.84%
2004$3,530.082.78%
2005$3,602.842.06%
2006$3,623.840.58%
2007$3,638.770.41%
2008$3,730.262.51%
2009$3,899.324.53%
2010$4,097.915.09%
2011$4,245.103.59%
2012$4,396.063.56%
2013$4,580.914.20%
2014$4,775.544.25%
2015$5,031.045.35%
2016$5,342.756.20%
2017$5,755.217.72%
2018$6,181.687.41%
2019$6,237.120.90%
2020$5,948.77-4.62%
2021$6,174.653.80%
2022$6,661.007.88%
2023$7,820.5817.41%
2024$9,183.6317.43%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.


Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Motor vehicle insurance:

Year193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI8.9008.9008.9008.9008.9008.8009.0009.9009.0008.7008.70010.40011.73314.16015.74014.62015.34018.34020.54020.34019.44019.00020.78023.70025.16025.74025.94025.70026.22027.66730.40032.36033.22034.00036.94642.01546.77746.59245.77745.80048.36962.31569.80871.84675.81582.02385.90891.431100.362108.192119.208135.038146.231156.592166.554177.869191.515205.477216.685224.808234.292243.854251.600254.285253.831256.723268.138291.585314.438323.192329.854331.777333.143341.519356.997375.180388.655402.476419.400437.219460.611489.149526.911565.957571.032544.633565.313609.840716.004840.796

Adjust car insurance prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1973 * 1973 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Motor vehicle insurance was 45.777 in the year 1973 and 840.796 in 2024:

840.796 / 45.777 * $500 = $9,183.63

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 1973 has the same "purchasing power" as $9,183.63 in 2024 (in the CPI category of Motor vehicle insurance).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Motor vehicle insurance in 1935. In addition to car insurance, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

» Read more about inflation and investment.