If you thought car insurance was already putting a dent in your wallet, 2025 might bring some extra pain at renewal time. Insurance premiums could spike if President Donald Trump follows through on his proposed tariffs on goods coming from Canada and Mexico, which could come into force in just a few weeks time.
What do taxes on imports have to do with your insurance bill? Turns out, quite a lot. These tariffs could drive up the cost of car parts, which would make vehicle repairs more expensive, according to price comparison website Insurify. And when repairs get pricier, insurance companies don’t just eat the cost. They pass it along to drivers like you and me.
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