According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance were 3.05% lower in 2020 versus 2018 (a $15.26 difference in value).
Between 2018 and 2020: Car insurance experienced an average inflation rate of -1.54% per year. In other words, car insurance costing $500 in the year 2018 would cost $484.74 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.27% during this same period, inflation for car insurance was lower.
In the year 2018: Pricing changed by 7.41%, which is significantly above the average yearly change for car insurance during the 2018-2020 time period. Compared to inflation for all items in 2018 (2.44%), 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 2018. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|