According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance were 2.99% higher in 2020 versus 2017 (a $14.93 difference in value).
Between 2017 and 2020: Car insurance experienced an average inflation rate of 0.99% per year. In other words, car insurance costing $500 in the year 2017 would cost $514.93 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.66% during this same period, inflation for car insurance was lower.
In the year 2017: Pricing changed by 7.72%, which is significantly above the average yearly change for car insurance during the 2017-2020 time period. Compared to inflation for all items in 2017 (2.13%), inflation for car insurance was much 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 2017. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|