Dean Terence Lau L’98 recently spoke with NBC News on how new automotive tariffs will impact consumers. One anticipated way is for auto insurance premiums to increase.
It will cost insurance companies more to replace damaged car parts that are subject to tariffs. “When you get into an accident, your car insurance company is the one that’s going to be buying those parts to repair your vehicle,” said Lau, who was previously a trade lawyer for Ford Motor Co. “Many products are imported, and so I expect that we will see some upward pressure on car insurance premiums.”
For consumers, Lau advised: “Don’t panic. Because when you panic, you make bad decisions.”