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How Trump’s steel and aluminum tariffs could affect car insurance rates.

Do you know about the life-changing events that are happening right now in the auto insurance industry? This article is a must read! Don’t be left out while everyone else jumps ahead to secure their lower insurance rates.

Why do you need to immediately secure an auto insurance deal? Well, read below to find out.

If you are a frequent watcher of the news, you may have already come across this story. Recently, President Donald Trump has decided to increase the prices of steel and aluminum.  In turn, this would add new taxes on all imported steel and aluminum.

 

What does this mean for my auto insurance?

I’m sure you are wondering “why does this pertain to my auto insurance? This matter will probably not affect me at all!” With the passing of these new taxes by President Donald Trump, you should expect some major changes to your auto insurance policies. When it comes to the taxing of steel and aluminum, there are two main factors to consider.

 

This tax increase WILL raise your insurance rates for cars that rely on imported parts

Do you own a car that only calls for imported parts? While some of us love the luxury of imported cars, we all know the parts for repair are fairly expensive. However, with this tax, you should expect to pay even more for imported car parts! If you happen to wreck your imported car, the cost of materials to fix it will be significantly higher. Due to this, you will see an increase in your insurance rates, if you rely on imported parts. This isn’t good news.

 

This will force more vehicles to become totaled

Additionally, this will also call for more cars to be totaled. With the increase of steel and aluminum, the price to completely repair a wrecked car will increase. In turn, fixing a wrecked car and paying that high price isn’t in the best interest of the insurance company. Therefore, you will see an increase of totaled vehicles. With a totaled vehicle also comes a new car. You will also begin to notice an increase in new car sales.

Buying a new car is so stressful. Many people enjoyed the older car they had previously. Remember with buying a new car, come other extra fees too.

These are the two main factors that are going to affect your auto insurance rates. It’s for sure not a great change for us car owners. We already pay out our hard earned money for the insurance coverage we have right now.

 

How Do I Maintain Affordable Auto Rates before this increase?

 

If you don’t want higher auto insurance premiums, you will need to act NOW! There is absolutely zero time to waste. Every minute passed is a minute wasted. You must go collect an auto insurance quote now, in order to lock in affordable rates. Failure to do so will leave you stuck with these newly increased rates and an unhappy wallet!

Want to know a secret? If you are quick enough and receive your quote right now, you will be able to lock in a lower rate for your auto coverage. Sounds great, right? Just remember though, this is extremely time crucial. I recommend grabbing your quote here and locking in your rate right now!

Stay ahead of the game and don’t fall victim to overly expensive rates due to this new steel and aluminum tax increase! Always remember, Insurance Quote Deals will always have your back when it comes to affordable rates. Now hurry, go collect that auto insurance quote!

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