Experts claim that the North American automobile industry is reeling from U.S. President Donald Trump’s taxes and that it won’t only be those in the market for a novel vehicle that will suffer the most. Existing auto owners may also feel the squeeze. The car taxes, in addition to Trump’s tariffs on steel and aluminum, may cause higher insurance rates and upgrades for car users in both Canada and the United States, according to the American Chamber of Commerce. The price of cars goes up, and higher maintenance fees lead to higher insurance premium as a result. According to a recent report from the chamber’s Business Development Lab, tariffs on steel and aluminum could increase repairable claims costs by 1 % to 2 %. ” As repair components become more costly and cars cost more to repair, these costs will likely be passed on to customers, leading to higher rates when laws are renewed,” says Daniel Ivans, an insurance professional and seller with Rates. According to It, the section of the insurance cost that includes liability or injury protection will probably remain unchanged. He claimed that a third of the typical insurance premium is used to pay for bodily injury to a car, though. 6: 04
Over 4, 000 temporary layoffs are reported at the Stellantis Windsor assemblage plant. These costs include those resulting from hits and runs, fires, thefts, thefts, theft, and collisions. He claimed that as tariffs go up the price of parts, this part of the superior will go away. Nevertheless, he said,” We’re looking at possibly between three and eight percent in vehicle insurance superior increases as a result of taxes.” These are the initial quotes based on what has been observed, according to Glen Hodgson, a senior fellow at the CD Howe Institute, who predicts more significant increases. We shouldn’t be surprised if, as a result of all the turbulence, a margin of 5 % to 10 % is added to car insurance prices going forward. And it might even get higher, he said. 2: 06
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We have a 25 % tax on the cars of the other country in North America if the Trump levies actually go into effect. That will obviously factor into car prices and all the expenses associated with owning a car. In addition, according to vans, Canadians who take their cars to the locksmith might have to pay more to have components replaced. According to him,” Maintenance costs normally will go up as the cost of parts themselves go up as well,” adding that it is not known if higher labor costs will result from higher labor costs at auto repair facilities if employees seek higher wages as the cost of living rises. Ivans advised checking the cost of insurance depending on where you live. Insurance is being privatized in Ontario, which means there are many competing insurance firms with you, he said. The right insurance company may not always be the best choice for every consumer, but rather the one that you want to shop with online, especially with an aggregator, as a consumer, really every year. Every consumer has a unique customer profile and needs. Copy 2025 Global News, a division of Corus Entertainment Inc.