Experts: Trump’s Tariffs Will Spike Auto Insurance Rates

CBS News reports:

Nearly all of the replacement parts on the shelves inside Fred Billeh’s Discount Auto Warehouse in Chicago came from the countries facing new tariffs. He estimates his warehouse carries “millions” of parts. Billeh’s prices increased in 2019 after Mr. Trump imposed tariffs in his first term.

He said the added cost gets passed “to the customers, to the consumer.” The Insurance Information Institute had already forecast premium increases this year of about 7%, and that was before the new tariffs.

Bob Passmore, vice president of the American Property Casualty Insurance Association, a trade group that represents insurance companies, says, “If you’re increasing costs here, eventually, it’s going to show up in your premium bill,” Passmore said. “It’s pretty simple.”

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