Car insurance premiums are on the verge of a dramatic spike due to new tariffs, and experts warn the impact could hit your wallet soon.The average annual car insurance cost in the U.S. is nearly $2,300, but tariffs could raise rates by 16%, adding $387 to your yearly bill. If exemptions on cars and parts are removed, premiums could jump 19%, costing an extra $435 annually.This increase stems from higher costs for insurers to fix or replace vehicles, which they pass on to consumers.To save money, consider calling three insurance companies to compare rates, as switching providers could save you hundreds. Raising your deductible from $500 to $1,000 could cut premiums by 10%. Additionally, dropping collision or comprehensive coverage on older vehicles worth less than $5,000 could save several hundred dollars annually.Take action now to avoid overpaying as tariffs take effect.
Car insurance premiums are on the verge of a dramatic spike due to new tariffs, and experts warn the impact could hit your wallet soon.
The average annual car insurance cost in the U.S. is nearly $2,300, but tariffs could raise rates by 16%, adding $387 to your yearly bill. If exemptions on cars and parts are removed, premiums could jump 19%, costing an extra $435 annually.
This increase stems from higher costs for insurers to fix or replace vehicles, which they pass on to consumers.
To save money, consider calling three insurance companies to compare rates, as switching providers could save you hundreds. Raising your deductible from $500 to $1,000 could cut premiums by 10%. Additionally, dropping collision or comprehensive coverage on older vehicles worth less than $5,000 could save several hundred dollars annually.
Take action now to avoid overpaying as tariffs take effect.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.