Auto Insurance

Auto Insurance

COSTS AND EXPENDITURES

The average auto insurance expenditure dropped from $799 in 2007 to $797 in 2011, according to a December 2013 report from the National Association of Insurance Commissioners. In 2011 (the latest data available), the average expenditure was highest in New Jersey ($1,184), followed by the District of Columbia ($1,138), and Louisiana ($1,111). The 2011 average expenditure was up slightly (0.6 percent) from $792 in 2010.

To calculate average expenditures the National Association of Insurance Commissioners (NAIC) assumes that all insured vehicles carry liability coverage but not necessarily collision or comprehensive coverage. The average expenditure measures what consumers actually spend for insurance on each vehicle. It does not equal the sum of liability, collision and comprehensive expenditures because not all policyholders purchase all three coverages.
/insurance-fact-book/property-casualty-insurance-by-line/auto/costs-expenditures.html

AAA’s 2014 Your Driving Costs study found that the average cost to own and operate a sedan was $8,876 in 2013, down 2.7 percent, or $246, from the previous year. The cost reflects a relatively large decrease in fuel costs and lower tire, depreciation and insurance costs. Average insurance costs for sedans dropped 0.6 percent, or $6, to $1,023, from $1,029 in 2012. AAA insurance cost estimates are based on typical coverage for a low-risk driver with a clean driving record for a policy with a $500 deductible for collision and a $100 deductible for comprehensive coverage. Figures are not comparable with the National Association of Insurance Commissioners’ Auto Expenditures data below.

 

AVERAGE EXPENDITURES FOR AUTO INSURANCE, UNITED STATES, 2002-2011

Year Average expenditure Percent change
2002 $786 8.3%
2003 830 5.6
2004 843 1.6
2005 832 -1.3
2006 818 -1.7
2007 799 -2.3
2008 791 -1.0
2009 787 -0.5
2010 792 0.6
2011 797 0.6

Source: © 2013 National Association of Insurance Commissioners (NAIC).

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  • 76 percent of insured drivers purchase comprehensive coverage in addition to liability insurance, and 71 percent buy collision coverage, based on an III analysis of 2011 NAIC data.

 

TOP TEN MOST EXPENSIVE AND LEAST EXPENSIVE STATES FOR AUTOMOBILE INSURANCE, 2011 (1)

Rank Most expensive states Average expenditure Rank Least expensive states Average expenditure
1 New Jersey $1,183.95 1 Idaho $535.15
2 D.C. 1,138.03 2 South Dakota 540.04
3 Louisiana 1,110.68 3 North Dakota 549.81
4 New York 1,108.64 4 Iowa 552.54
5 Florida 1,090.65 5 Maine 577.38
6 Delaware 1,052.28 6 North Carolina 600.33
7 Rhode Island 1,004.14 7 Wisconsin 601.40
8 Michigan 983.60 8 Nebraska 602.57
9 Connecticut 970.22 9 Wyoming 619.88
10 Maryland 956.17 10 Ohio 619.96

(1) Based on average automobile insurance expenditures.

Source: © 2013 National Association of Insurance Commissioners (NAIC).

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AUTO INSURANCE EXPENDITURES, BY STATE

The tables on the following pages show estimated average expenditures for private passenger automobile insurance by state for 2007 to 2011, providing approximate measures of the relative cost of automobile insurance to consumers in each state. To calculate average expenditures the National Association of Insurance Commissioners (NAIC) assumes that all insured vehicles carry liability coverage but not necessarily collision or comprehensive coverage. The average expenditure measures what consumers actually spend for insurance on each vehicle. It does not equal the sum of liability, collision and comprehensive expenditures because not all policyholders purchase all three coverages.

Expenditures are affected by the coverages purchased as well as other factors. In states where the economy is healthy, people are more likely to purchase new cars. Since new car owners are more likely to purchase physical damage coverages, these states will have a higher average expenditure. The NAIC notes that urban population, traffic density and per capita income have a significant impact on premiums. The latest report shows that high premium states tend also to be highly urban, with higher wage and price levels and greater traffic density. Tort liability and other auto laws, auto repair costs, liability coverage requirements, theft rates and other factors can also affect auto insurance prices.

 

AVERAGE EXPENDITURES FOR AUTO INSURANCE BY STATE, 2007-2011

  2011 2010   Average
expenditure
State Liability Collision Compre- hensive Average expend-
iture
Rank (1) Average expend-
iture
Rank (1) Average expenditure percent change, 2010-2011 2009 2008 2007
Alabama $354.47 $293.88 $136.20 $653.64 37 $651.22 37 0.4% $652.07 $662.76 $683.74
Alaska 546.71 363.42 143.36 873.10 13 890.35 13 -1.9 896.74 904.12 923.33
Arizona 462.95 249.10 187.41 776.83 18 804.97 18 -3.5 842.21 863.81 883.40
Arkansas 367.28 290.96 169.10 665.86 35 662.44 35 0.5 657.13 651.26 659.97
California (2) 437.88 340.76 99.78 736.80 24 745.55 21 -1.2 758.81 779.49 810.22
Colorado 441.41 251.14 142.95 723.67 27 730.42 25 -0.9 741.28 728.67 738.36
Connecticut 614.26 334.69 119.78 970.22 9 965.22 8 0.5 952.36 950.16 963.61
Delaware 748.55 282.83 106.49 1,052.28 6 1,030.98 6 2.1 1,021.42 1,007.32 1,011.60
D.C. 622.58 426.32 225.00 1,138.03 2 1,133.87 2 0.4 1,127.72 1,126.56 1,139.82
Florida 813.60 236.69 109.83 1,090.65 5 1,037.36 5 5.1 1,006.20 1,054.89 1,044.76
Georgia 439.30 320.73 153.12 755.25 19 748.89 20 0.8 754.61 760.58 781.93
Hawaii 463.80 293.11 104.27 748.10 21 765.83 19 -2.3 786.33 816.21 837.20
Idaho 327.96 206.32 107.69 535.15 51 548.03 48 -2.4 554.80 562.76 564.00
Illinois 424.19 268.93 110.00 727.46 25 733.45 24 -0.8 727.82 713.97 723.96
Indiana 368.72 231.61 110.13 621.76 41 624.27 41 -0.4 620.31 611.21 618.20
Iowa 290.86 198.45 159.75 552.54 48 546.59 49 1.1 530.96 518.48 520.19
Kansas 327.21 244.67 208.57 625.93 40 625.12 40 0.1 622.16 622.14 610.13
Kentucky 503.53 245.49 123.50 744.58 22 722.70 27 3.0 698.85 698.93 719.64
Louisiana 687.56 386.31 207.68 1,110.68 3 1,121.44 3 -1.0 1,100.09 1,104.62 1,095.98
Maine 328.25 242.80 90.83 577.38 47 582.29 47 -0.8 597.87 600.46 611.13
Maryland 590.02 317.97 140.78 956.17 10 947.74 9 0.9 928.92 922.01 933.07
Massachusetts 565.87 324.13 121.13 942.12 11 890.83 12 5.8 860.49 903.27 981.39
Michigan 600.12 366.62 143.88 983.60 8 944.57 10 4.1 913.28 905.82 927.82
Minnesota 417.37 197.75 162.06 696.00 31 693.08 32 0.4 692.08 697.09 719.66
Mississippi 418.64 292.63 184.80 740.69 23 745.17 22 -0.6 737.77 749.38 764.75
Missouri 385.46 249.75 155.11 675.02 34 678.03 33 -0.4 668.29 656.33 658.11
Montana 387.71 240.85 187.65 654.56 36 657.42 36 -0.4 655.61 666.69 666.08
Nebraska 339.58 211.63 181.07 602.57 44 592.56 46 1.7 575.26 561.46 571.33
Nevada 612.84 297.14 119.89 904.91 12 930.51 11 -2.8 944.16 970.31 998.66
New Hampshire 387.51 262.52 96.51 705.84 30 706.24 29 -0.1 717.56 727.15 749.98
New Jersey 831.45 352.03 118.04 1,183.95 1 1,157.30 1 2.3 1,100.66 1,081.28 1,103.53
New Mexico 432.78 268.32 168.75 691.74 32 703.64 30 -1.7 717.96 730.27 732.93
New York 750.63 340.11 143.57 1,108.64 4 1,078.88 4 2.8 1,057.82 1,044.04 1,047.19
North Carolina 358.16 238.22 111.87 600.33 46 599.90 45 0.1 609.80 595.48 591.11
North Dakota 260.86 208.25 219.64 549.81 49 528.81 50 4.0 509.72 503.18 511.79
Ohio 357.34 236.15 104.24 619.96 42 619.45 43 0.1 616.33 616.51 628.37
Oklahoma 416.18 285.70 179.63 716.23 28 701.66 31 2.1 677.71 662.64 646.00
Oregon 507.32 207.18 90.21 723.90 26 724.47 26 -0.1 722.85 726.64 722.86
Pennsylvania 488.19 296.35 121.45 815.45 16 812.15 17 0.4 811.15 816.65 820.00
Rhode Island 678.59 352.19 118.22 1,004.14 7 984.95 7 1.9 969.02 985.89 1,017.12
South Carolina 469.76 239.74 149.46 749.94 20 737.77 23 1.6 737.74 749.30 761.87
South Dakota 277.16 190.78 201.37 540.04 50 525.16 51 2.8 512.47 512.12 526.42
Tennessee 376.96 268.93 122.03 650.13 38 641.17 38 1.4 634.24 639.00 649.22
Texas 480.47 338.67 185.61 842.58 14 848.11 14 -0.7 860.42 853.55 807.70
Utah 451.94 253.50 103.69 712.79 29 716.97 28 -0.6 717.28 708.70 696.81
Vermont 335.79 269.66 110.75 633.54 39 630.11 39 0.5 645.79 653.47 661.70
Virginia 394.68 251.50 122.52 679.57 33 673.72 34 0.9 667.51 662.72 661.82
Washington 541.62 242.86 105.55 806.37 17 815.29 16 -1.1 826.59 839.23 840.97
West Virginia 500.31 305.96 186.33 834.09 15 830.10 15 0.5 815.00 807.49 818.75
Wisconsin 356.54 198.60 115.18 601.40 45 613.41 44 -2.0 590.54 581.42 581.50
Wyoming 320.47 272.66 198.01 619.88 43 621.15 42 -0.2 624.10 632.92 631.15
United States $492.43 $286.37 $132.76 $797.44   $791.52   0.7% $786.99 $790.57 $798.54

(1) Ranked highest to lowest by average expenditure.
(2) Preliminary.

Note: Average expenditure=Total written premium/liability car years. A car year is equal to 365 days of insured coverage for a single vehicle. The NAIC does not rank state average expenditures and does not endorse any conclusion drawn from these data.

Source: © 2013 National Association of Insurance Commissioners (NAIC).

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PREMIUMS

 

PRIVATE PASSENGER AUTOMOBILE INSURANCE, 2004-2013

($000)

  Liability Collision/comprehensive
Year Net premiums
written (1)
Annual
percent
change
Combined
ratio (2)
Annual
point
change (3)
Net premiums
written (1)
Annual
percent
change
Combined
ratio (2)
Annual
point
change (3)
2004 $92,936,566 4.1% 98.9 -4.2 pts. $64,697,069 4.3% 87.0 -5.1 pts.
2005 94,384,329 1.6 98.4 -0.4 64,882,303 0.3 90.7 3.7
2006 95,325,685 1.0 98.6 0.2 65,125,977 0.4 91.4 0.7
2007 94,974,640 -0.4 101.8 3.1 64,700,792 -0.7 93.4 2.0
2008 94,545,647 -0.5 103.5 1.7 64,054,581 -1.0 95.8 2.4
2009 94,990,682 0.5 106.2 2.7 62,630,693 -2.2 93.0 -2.8
2010 97,672,826 2.8 105.9 -0.3 62,595,851 -0.1 93.4 0.4
2011 100,369,441 2.8 103.8 -2.1 62,948,280 0.6 99.6 6.3
2012 103,429,677 3.0 103.2 -0.6 64,619,667 2.7 100.2 0.6
2013 107,446,382 3.9 103.6 0.4 67,451,645 4.4 98.7 -1.5

(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded numbers.

Source: SNL Financial LC.

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TOP TEN WRITERS OF PRIVATE PASSENGER AUTO INSURANCE BY DIRECT PREMIUMS WRITTEN, 2013

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 State Farm Mutual Automobile Insurance $33,610,201 18.5%
2 Berkshire Hathaway Inc. 18,622,591 10.2
3 Allstate Corp. 18,067,452 9.9
4 Progressive Corp. 15,373,142 8.5
5 Farmers Insurance Group of Companies (3) 9,880,905 5.4
6 USAA Insurance Group 9,167,242 5.0
7 Liberty Mutual 9,036,455 5.0
8 Nationwide Mutual Group 7,279,835 4.0
9 American Family Mutual 3,441,682 1.9
10 Travelers Companies Inc. 3,178,692 1.8

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by SNL Financial.

Source: SNL Financial LC.

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AUTO CLAIMS

Liability insurance pays for the policyholder’s legal responsibility to others for bodily injury or property damage. Collision and comprehensive insurance cover property damage and theft to the policyholder’s car.

 

PRIVATE PASSENGER AUTO INSURANCE LOSSES, 2004-2013 (1)

 

  Liability
  Bodily injury (2) Property damage (3)
Year Claim frequency (4) Claim severity (5), (6) Claim frequency (4) Claim severity (5), (6)
2004 1.11 $11,640 3.75 $2,596
2005 1.04 12,282 3.55 2,717
2006 0.98 12,907 3.40 2,796
2007 0.90 13,361 3.46 2,847
2008 0.91 14,067 3.42 2,903
2009 0.89 13,891 3.49 2,869
2010 0.91 14,406 3.53 2,881
2011 0.92 14,848 3.56 2,958
2012 0.95 14,690 3.50 3,073
2013 0.94 15,443 3.55 3,231
 
  Physical damage (7)
  Collision Comprehensive (8)
Year Claim frequency (4) Claim severity (5) Claim frequency (4) Claim severity (5)
2004 4.85 $3,080 2.46 $1,417
2005 5.04 3,067 2.38 1,457
2006 4.87 3,194 2.40 1,528
2007 5.20 3,109 2.48 1,524
2008 5.35 3,005 2.57 1,551
2009 5.48 2,869 2.75 1,389
2010 5.69 2,778 2.62 1,476
2011 5.75 2,861 2.79 1,490
2012 5.57 2,950 2.62 1,585
2013 5.71 3,144 2.57 1,621

(1) For all limits combined. Data are for paid claims.
(2) Excludes Massachusetts and most states with no-fault automobile insurance laws.
(3) Excludes Massachusetts, Michigan and New Jersey.
(4) Claim frequency is claims per 100 car years. A car year is equal to 365 days of insured coverage for one vehicle.
(5) Claim severity is the size of the loss.
(6) Includes loss adjustment expenses.
(7) Excludes Massachusetts, Michigan and Puerto Rico. Based on coverage with a $500 deductible.
(8) Excludes wind and water losses.

Source: ISO®, a Verisk Analytics® company.

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  • In 2013 less than 1 percent of people with liability insurance had a bodily injury liability claim, while 3.6 percent of those with liability insurance had a property damage liability claim, according to ISO data.
  • In 2013, 5.7 percent of collision insurance policyholders had a claim, while 2.6 percent of people with comprehensive coverage had a claim.
  • In 2013 the average auto liability claim for property damage was $3,231; the average auto liability claim for bodily injury was $15,443.
  • In 2013 the average collision claim was $3,144; the average comprehensive claim was $1,621.

 

INCURRED LOSSES FOR AUTO INSURANCE, 2009-2013 (1)

($000)

  2009 2010 2011 2012 2013
Private passenger auto          
     Liability $63,448,211 $64,110,267 $64,310,776 $65,135,976 $67,879,783
     Physical damage 36,497,330 36,454,102 40,589,159 41,275,620 41,754,269
Commercial auto          
     Liability 9,345,288 8,798,119 9,363,647 10,515,806 11,302,794
     Physical damage 3,005,162 2,911,013 3,164,880 3,250,740 3,255,581
Total $112,295,991 $112,273,501 $117,428,462 $120,178,142 $124,192,427

(1) Losses occurring within a fixed period, whether or not adjusted or paid during the same period, after reinsurance transactions.

Source: SNL Financial LC.

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THE SHARED/RESIDUAL MARKET AND NONSTANDARD MARKETS

All states and the District of Columbia use special systems to guarantee that auto insurance is available to those who cannot obtain it in the private market. Each type of system is commonly known as an assigned risk plan, although that term technically applies to only one type of plan. The assigned risk and other plans are known in the insurance industry as the shared, or residual, market. Policyholders in assigned risk plans are assigned to various insurance companies doing business in the state. In the voluntary, or regular, market, auto insurers are free to select policyholders.

The percentage of vehicles insured in the shared market is dropping, in part because of the evolution of the nonstandard sector of the voluntary market. The nonstandard market is a niche market for drivers who have a worse than average driving record or drive specialized cars such as high-powered sports cars and custom-built cars. It is made up of both small specialty companies, whose only business is the nonstandard market, and well-known auto insurance companies with nonstandard divisions.

Until the mid-1960s, most drivers who did not meet an insurance company’s “standard” or “preferred risk” underwriting criteria could only find coverage in the shared market, where prices are generally much higher and insurers pool or share the profits and losses. With advancements in computer technology that made it easier to set appropriate prices for smaller and smaller risk categories, some insurers began to specialize in insuring drivers with marginally bad driving records. By the late 1990s the nonstandard market accounted for about one-fifth of the total private passenger auto insurance market. This has held steady. A 2008 Conning study found that in 2006 auto insurers specializing in nonstandard private passenger auto insurance had direct premiums written of $36.9 billion, representing 22 percent of the total private passenger auto insurance market.

 

PRIVATE PASSENGER CARS INSURED IN THE SHARED AND VOLUNTARY MARKETS, 2012

State Voluntary
market
Shared
market
Total Shared market
as a percent
of total
Alabama 3,512,651 0 3,512,651 (1)
Alaska 488,440 78 488,518 0.016%
Arizona 4,260,695 0 4,260,695 (1)
Arkansas 2,131,327 2 2,131,329 (1)
California 25,391,859 587 25,392,446 0.002
Colorado 3,877,688 0 3,877,688 (1)
Connecticut 2,470,553 179 2,470,732 0.007
Delaware 631,210 1 631,211 (1)
D.C. 238,419 147 238,566 0.062
Florida 11,283,532 2,033 11,285,565 0.018
Georgia 7,010,414 0 7,010,414 (1)
Hawaii 834,816 3,950 838,766 0.471
Idaho 1,106,249 3 1,106,252 (1)
Illinois 7,980,752 572 7,981,324 0.007
Indiana 4,481,849 3 4,481,852 (1)
Iowa 2,437,335 13 2,437,348 0.001
Kansas 2,295,485 1,676 2,297,161 0.073
Kentucky 3,109,752 76 3,109,828 0.002
Louisiana 2,905,256 0 2,905,256 (1)
Maine 1,022,437 9 1,022,446 0.001
Maryland 3,920,154 43,289 3,963,443 1.092
Massachusetts 4,179,418 103,112 4,282,530 2.408
Michigan 6,202,697 1,563 6,204,260 0.025
Minnesota 3,891,523 23 3,891,546 0.001
Mississippi 1,873,730 16 1,873,746 0.001
Missouri 4,289,100 19 4,289,119 (1)
Montana 827,851 34 827,885 0.004
Nebraska 1,518,948 1 1,518,949 (1)
Nevada 1,812,804 2 1,812,806 (1)
New Hampshire 905,471 269 905,740 0.030
New Jersey 5,332,599 46,210 5,378,809 0.859
New Mexico 1,544,524 2 1,544,526 (1)
New York 9,299,087 61,638 9,360,725 0.658
North Carolina 5,618,255 1,588,143 7,206,398 22.038
North Dakota 642,582 1 642,583 (1)
Ohio 8,174,369 0 8,174,369 (1)
Oklahoma 2,732,173 14 2,732,187 0.001
Oregon 2,743,083 1 2,743,084 (1)
Pennsylvania 8,643,621 7,252 8,650,873 0.084
Rhode Island 665,769 9,953 675,722 1.473
South Carolina 3,474,069 0 3,474,069 (1)
South Dakota 700,988 0 700,988 (1)
Tennessee 4,368,667 14 4,368,681 (1)
Texas (2) NA NA NA NA
Utah 1,879,547 1 1,879,548 (1)
Vermont 483,961 62 484,023 0.013
Virginia 6,232,027 601 6,232,628 0.010
Washington 4,698,148 0 4,698,148 (1)
West Virginia 1,329,442 16 1,329,458 0.001
Wisconsin 4,041,286 0 4,041,286 (1)
Wyoming 535,568 0 535,568 (1)
United States 190,032,180 1,871,565 191,903,745 0.975%

(1) Less than 0.001 percent.
(2) Texas information is no longer available.

NA=Data not available.

Source: Automobile Insurance Plans Service Office.

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COLLISION LOSSES

The chart below shows the claim frequency and average loss payment per claim and average loss payment per insured vehicle year under collision coverage for recent model vehicles. The claim frequency is expressed as a rate per 100 insured vehicle years. A vehicle year is equal to 365 days of insurance coverage for a single vehicle.

 

PASSENGER VEHICLE COLLISION COVERAGE INSURANCE LOSSES, 2011-2013 MODEL YEARS

  Claim frequency (1) Claim severity
Passenger cars and minivans 7.5 $4,486
Pickups 6.1 4,349
SUVs 6.1 4,369
All passenger vehicles 6.9 $4,439

(1) Per 100 insured vehicle years.

Source: Highway Loss Data Institute.

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CONSUMER PRICES

The Bureau of Labor Statistics' consumer price index (CPI) tracks changes in the prices paid by consumers for a representative basket of goods and services. The cost of living (all items) rose 2.1 percent in 2012. The rise in the cost of auto insurance was steeper (3.6 percent) while the cost of doctors’ services rose only 2.1 percent and legal services rose 2.0 percent, 2011 to 2012.

 

CONSUMER PRICE INDICES FOR INSURANCE AND RELATED ITEMS AND ANNUAL RATES OF CHANGE, 2004-2013

(Base: 1982-84=100)

  Cost of living
(all items)
Motor vehicle insurance Medical care items Physicians' services Hospital services (1)
Year Index Percent change Index Percent change Index Percent change Index Percent change Index Percent change
2004 188.9 2.7% 323.2 2.8% 310.1 4.4% 278.3 4.0% 153.4 6.0%
2005 195.3 3.4 329.9 2.1 323.2 4.2 287.5 3.3 161.6 5.3
2006 201.6 3.2 331.8 0.6 336.2 4.0 291.9 1.5 172.1 6.5
2007 207.3 2.8 333.1 0.4 351.1 4.4 303.2 3.9 183.6 6.7
2008 215.3 3.8 341.5 2.5 364.1 3.7 311.3 2.7 197.2 7.4
2009 214.5 -0.4 357.0 4.5 375.6 3.2 320.8 3.0 210.7 6.9
2010 218.1 1.6 375.2 5.1 388.4 3.4 331.3 3.3 227.2 7.8
2011 224.9 3.2 388.7 3.6 400.3 3.0 340.3 2.7 241.2 6.2
2012 229.6 2.1 402.5 3.6 414.9 3.7 347.3 2.1 253.6 5.1
2013 233.0 1.5 419.4 4.2 425.1 2.5 354.2 2.0 265.4 4.7
Percent change
2004-2013
  23.3%   29.8%   37.1%   27.3%   73.0%

 

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CONSUMER PRICE INDICES FOR INSURANCE AND RELATED ITEMS AND ANNUAL RATES OF CHANGE, 2004-2013 (Cont'd)

(Base: 1982-84=100)

  Motor vehicle body work New vehicles New cars New trucks (2)
Year Index Percent
change
Index Percent
change
Index Percent
change
Index Percent
change
2004 208.2 2.6% 137.1 -0.6% 133.9 -0.6% 145.0 -0.8%
2005 215.0 3.3 137.9 0.6 135.2 1.0 145.3 0.2
2006 224.8 4.6 137.6 -0.2 136.4 0.9 142.9 -1.7
2007 232.2 3.3 136.3 -1.0 135.9 -0.4 140.7 -1.5
2008 239.7 3.2 134.2 -1.5 135.4 -0.3 137.1 -2.6
2009 248.5 3.7 135.6 1.1 136.7 0.9 138.8 1.3
2010 254.4 2.4 138.0 1.8 138.1 1.0 142.7 2.8
2011 259.9 2.2 141.9 2.8 142.2 3.0 146.5 2.7
2012 264.9 1.9 144.2 1.7 144.2 1.4 149.4 1.9
2013 271.0 2.3 145.8 1.1 144.9 0.5 151.8 1.6
Percent change
2004-2013
  30.2%   6.3%   8.2%   4.7%

 

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CONSUMER PRICE INDICES FOR INSURANCE AND RELATED ITEMS AND ANNUAL RATES OF CHANGE, 2004-2013 (Cont'd)

(Base: 1982-84=100)

  Used cars and trucks Tenants and
household
insurance (3), (4)
Repair of household items (3), (5) Legal services Existing single-family homes
Year Index Percent change Index Percent change Index Percent change Index Percent change Median price ($000) Percent change
2004 133.3 -6.7% 116.2 1.2% 139.4 6.4% 232.3 4.8% $195 9.3%
2005 139.4 4.6 117.6 1.2 147.4 5.7 241.8 4.1 220 12.4
2006 140.0 0.4 116.5 -0.9 154.7 5.0 250.0 3.4 222 1.0
2007 135.7 -3.0 117.0 0.4 161.2 4.2 260.3 4.1 219 -1.3
2008 134.0 -1.3 118.8 1.6 170.0 5.5 270.7 4.0 198 -9.5
2009 127.0 -5.2 121.5 2.2 176.0 3.5 278.1 2.7 173 -12.9
2010 143.1 12.7 125.7 3.5 181.7 3.2 288.1 3.6 173 0.3
2011 149.0 4.1 127.4 1.4 NA NA 297.4 3.2 166 -4.0
2012 150.3 0.9 131.3 3.1 198.7 NA 303.5 2.0 177 6.6
2013 149.9 -0.3 135.4 3.1 206.7 4.0 311.8 2.8 197 11.4
Percent change
2004-2013
  12.4%   16.5%   48.2%   34.2%   1.0%

(1) December 1996=100.
(2) December 1983=100.
(3) December 1997=100.
(4) Only includes insurance covering rental properties.
(5) Includes appliances, reupholstery and inside home maintenance.

NA=Data not available.

Note: Percent changes after 2007 for consumer price indices and all years for the median price of existing single-family homes calculated from unrounded data.

Source: U.S. Department of Labor, Bureau of Labor Statistics; National Association of Realtors.

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