LOS ANGELES - eTradeWire -- Tariffs will make buying a car more expensive. It's also been widely projected that come renewal, your car insurance premiums will increase due to tariffs. [4] Much has been written about tariffs raising car insurance rates ever since President Trump announced his plan, at rates which have fluctuated over several weeks, mainly due to negotiations. The tariffs Trump had in place at the time of reporting were at 10% to 145% on imported goods. In addition, there is a 25% tariff on steel and aluminum, both of which are vital components of car parts. [1] The only countries exempt from tariffs on car parts are Canada and Mexico. Other countries manufacture car parts that are subject to tariffs. Let's focus on whether the claim that tariffs raise auto insurance rates is accurate.;

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Key Takeaways

Domestic cars will feel the impact of tariffs much less than foreign cars.

Even American manufactured vehicles have car parts made in other countries.

American car manufacturers are scrambling to change partners in car parts over the next few years.

Car insurance companies will increase car insurance rates based on rising car prices and the projected cost of car repairs typical of the vehicle's model, make and car parts.

Table Of Content
What Is a Tariff and Why Does it Affect Car Insurance?
What Do Car Parts Cost Have to Do With Car Insurance?
What Is the Tariff Rate on Car Parts?
Have Insurers Raised Rates Due to Tariffs in the Past Month?
Will Tariffs Raise Car Insurance Prices FAQs

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