Car insurance price inflation, 2023→2026

Car Insurance Inflation Calculator

Prices for Car Insurance, 2023-2026 ($500)

According to the U.S. Bureau of Labor Statistics, prices for motor vehicle insurance are 24.37% higher in 2026 versus 2023 (a $121.84 difference in value).

Between 2023 and 2026:Car insurance experienced an average inflation rate of 7.54% per year. This rate of change indicates significant inflation. In other words, car insurance costing $500 in the year 2023 would cost $621.84 in 2026 for an equivalent purchase. Compared to the overall inflation rate of 2.08% during this same period, inflation for car insurance was significantly higher.

In the year 2023: Pricing changed by 17.41%, which is significantly above the average yearly change for car insurance during the 2023-2026 time period. Compared to inflation for all items in 2023 (4.12%), inflation for car insurance was much higher.

Price Inflation for Motor vehicle insurance since 1947

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1976 (28.84%), 1952 (19.13%), and 2024 (17.75%).

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Buying power of $500.00 since 2023

Below are calculations of equivalent buying power for Car insurance, over time, for $500 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$500.00	17.41%
2024	$588.75	17.75%
2025	$623.65	5.93%
2026	$621.84	-0.29%*

* 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	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	2025	2026
CPI	11.710	13.592	15.717	14.883	14.942	17.800	20.517	20.383	19.625	19.017	20.408	23.342	24.892	25.683	25.933	25.800	26.067	26.958	29.258	32.158	33.108	33.842	36.950	42.017	46.775	46.592	45.775	45.800	48.367	62.317	69.808	71.850	75.817	82.025	85.908	91.433	100.358	108.192	119.208	135.042	146.233	156.592	166.550	177.867	191.517	205.475	216.683	224.808	234.292	243.850	251.600	254.283	253.833	256.725	268.142	291.583	314.442	323.192	329.850	331.775	333.143	341.519	356.998	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	843.098	893.071	890.473

Adjust car insurance prices for inflation

Start with the inflation rate formula:

CPI in 2026 / CPI in 2023* 2023 USD value = 2026 USD value

Then plug in historical CPI values from above. The CPI for Motor vehicle insurance was 716.004 in the year 2023 and 890.473 in 2026:

890.473 / 716.004* $500 = $621.84

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 2023 has the same "purchasing power" as $621.84 in 2026 (in the CPI category of Motor vehicle insurance).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Motor vehicle insurance in 1947. In addition to car insurance, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.