According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance are 229.66% higher in 2024 versus 1998 (a $1,148.28 difference in value).
Between 1998 and 2024: Car insurance experienced an average inflation rate of 4.69% per year. This rate of change indicates significant inflation. In other words, car insurance costing $500 in the year 1998 would cost $1,648.28 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.54% during this same period, inflation for car insurance was higher.
In the year 1998: Pricing changed by 1.07%, which is significantly below the average yearly change for car insurance during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for car insurance was lower.
Below are calculations of equivalent buying power for Car insurance, over time, for $500 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1998 | $500.00 | 1.07% |
| 1999 | $499.11 | -0.18% |
| 2000 | $504.79 | 1.14% |
| 2001 | $527.24 | 4.45% |
| 2002 | $573.34 | 8.74% |
| 2003 | $618.28 | 7.84% |
| 2004 | $635.49 | 2.78% |
| 2005 | $648.59 | 2.06% |
| 2006 | $652.37 | 0.58% |
| 2007 | $655.06 | 0.41% |
| 2008 | $671.53 | 2.51% |
| 2009 | $701.96 | 4.53% |
| 2010 | $737.72 | 5.09% |
| 2011 | $764.21 | 3.59% |
| 2012 | $791.39 | 3.56% |
| 2013 | $824.67 | 4.20% |
| 2014 | $859.70 | 4.25% |
| 2015 | $905.70 | 5.35% |
| 2016 | $961.81 | 6.20% |
| 2017 | $1,036.07 | 7.72% |
| 2018 | $1,112.84 | 7.41% |
| 2019 | $1,122.82 | 0.90% |
| 2020 | $1,070.91 | -4.62% |
| 2021 | $1,111.58 | 3.80% |
| 2022 | $1,199.13 | 7.88% |
| 2023 | $1,407.88 | 17.41% |
| 2024 | $1,648.28 | 17.08%* |
* 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:
| Year | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| CPI | 8.900 | 8.900 | 8.900 | 8.900 | 8.900 | 8.800 | 9.000 | 9.900 | 9.000 | 8.700 | 8.700 | 10.400 | 11.733 | 14.160 | 15.740 | 14.620 | 15.340 | 18.340 | 20.540 | 20.340 | 19.440 | 19.000 | 20.780 | 23.700 | 25.160 | 25.740 | 25.940 | 25.700 | 26.220 | 27.667 | 30.400 | 32.360 | 33.220 | 34.000 | 36.946 | 42.015 | 46.777 | 46.592 | 45.777 | 45.800 | 48.369 | 62.315 | 69.808 | 71.846 | 75.815 | 82.023 | 85.908 | 91.431 | 100.362 | 108.192 | 119.208 | 135.038 | 146.231 | 156.592 | 166.554 | 177.869 | 191.515 | 205.477 | 216.685 | 224.808 | 234.292 | 243.854 | 251.600 | 254.285 | 253.831 | 256.723 | 268.138 | 291.585 | 314.438 | 323.192 | 329.854 | 331.777 | 333.143 | 341.519 | 356.997 | 375.180 | 388.655 | 402.476 | 419.400 | 437.219 | 460.611 | 489.149 | 526.911 | 565.957 | 571.032 | 544.633 | 565.313 | 609.840 | 716.004 | 838.263 |