According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance were 36.02% higher in 2020 versus 2012 (a $180.12 difference in value).
Between 2012 and 2020: Car insurance experienced an average inflation rate of 3.92% per year. This rate of change indicates significant inflation. In other words, car insurance costing $500 in the year 2012 would cost $680.12 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.47% during this same period, inflation for car insurance was higher.
In the year 2012: Pricing changed by 3.56%, which is below the average yearly change for car insurance during the 2012-2020 time period. Compared to inflation for all items in 2012 (2.07%), inflation for car insurance was higher.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Motor vehicle insurance:
Below are calculations of equivalent buying power for Car insurance, over time, for $500 beginning in 2012. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|