The cost of car insurance premiums may rise as a result of tariffs imposed by the Trump administration, making it more expensive for insurance companies to replace damaged car parts. This is because many products, such as tires, rely on imported materials which will now be subject to higher costs. The auto industry, which relies on international supply chains, is particularly vulnerable to these tariffs. As a result, new vehicle inventories have decreased and demand for used vehicles is expected to increase, leading to higher prices in that market as well. Drivers of older vehicles may see an increase in general upkeep costs as a result of these tariffs. Insurify estimates that drivers in states like New York and Florida may experience steeper price hikes when renewing their insurance policies.Overall, the impact of these tariffs is expected to be felt by both the auto industry and consumers in the form of higher insurance premiums and vehicle costs.
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