Tariffs could prompt Colorado car insurance costs spike
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Colorado's costly car insurance rates could rise even further with tariffs, a new projection finds.
Why it matters: The analysis offers one more example of how Americans pay for higher tariffs.
Driving the news: Coloradans could pay 6% more a year for the cost of full-coverage car insurance between June and December if tariffs stay in effect, compared to 3% otherwise, per a new report from insurance-comparison platform Insurify.
By the numbers: That translates to a $2,964 average annual cost with tariffs, compared to $2,880 without them.
The big picture: Colorado's projected spike is lower than the nationwide average of 7%, compared to 4% otherwise without tariffs.
Between the lines: Tariffs affect insurance rates by increasing the costs of imported parts needed for repairs.
- Inflation, accident frequency and claims due to extreme weather also impact rates, among other factors.