Auto Insurance Prices Remain Flat Between June and July

The Bureau of Labor Statistics (BLS) is reporting that the average cost of motor vehicle insurance saw no change between June and July. The data was published in the latest edition of the BLS’s Consumer Price Index (CPI) report.

Auto Insurance Price Change AugustAccording to the CPI report released last week, policy prices this past July were 3.3 percent more expensive than in July 2010.

In the last month’s report, the BLS said policy prices had inched up just 0.1 percent.

About the BLS’s Motor Vehicle Insurance Price Index

The BLS publishes monthly CPI updates meant to track and give data on changes in inflation and the cost of consumer goods in America over time. The CPI data referenced here to compare auto insurance prices are representative of coverage costs for an estimated 87 percent of the U.S. population.

Policy-price data compiled in the CPI is collected from a sample of insurers in 87 pricing areas. Premium levels are determined by looking at a sample of 768 individual private passenger policies or quotes. The CPI actually tracks the costs of these policies over time. Changes reflect fluctuations in insurers’ premium-calculation formulas, as well as increases in state-mandated minimums for coverage.

According to the BLS, “The major types of coverage included are collision, comprehensive, bodily injury liability, property damage liability, medical payments, uninsured motorist and personal injury protection.”

About Matthew Morisset
Matthew Morisset is a proud alumnus of the University of Redlands, where he obtained a degree in English Literature. Utilizing his passion for analysis and writing, Matthew looks for important trends in the auto insurance industry and their implications for consumers and the market as a whole.

No comments yet.

Comment on this article