According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance were 3.91% lower in 2020 versus 2019 (a $19.55 difference in value).
Between 2019 and 2020: Car insurance experienced an average inflation rate of -3.91% per year. This rate of change indicates significant deflation. In other words, car insurance costing $500 in the year 2019 would cost $480.45 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 0.72% during this same period, inflation for car insurance was significantly lower.
In the year 2019: Pricing changed by 0.89%, which is significantly above the average yearly change for car insurance during the 2019-2020 time period. Compared to inflation for all items in 2019 (1.81%), inflation for car insurance was lower.
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 2019. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|