New tariffs on imported cars and auto parts are projected to increase vehicle prices drastically, which in turn will lead to higher auto insurance costs. Initially, insurance premiums were expected to rise by 5% in 2023 due to inflation and insurer losses. However, with the impact of tariffs, the projected increase has jumped to at least 16%, raising the average premium to nearly $2,700. If further exemptions on tariffs are lifted, increases could reach as high as 19%. The analysis reflects the broader implications of rising repair costs due to tariffs.
"The average cost of automobile insurance is expected to increase significantly due to tariffs, as vehicle parts used in repairs will also become pricier."
"Based on these tariffs, Insurify now projects premiums to rise at least 16 percent, or $378, to almost $2,700 on average nationally."
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