RAPID CITY, S.D. (KOTA) – With many people worried about having to spend more money on groceries after the new tariffs were put in place several days ago, there’s a chance their insurance rates and prices for car parts may be impacted as well.
A Farmers Insurance agent in Rapid City says insurance companies are currently keeping an eye on car insurance rates and wouldn’t be surprised if the tariffs begin to have an impact on prices.
He added, with prices potentially being affected; it could give people even more of a reason to drive safely. With a large portion of imported car parts coming from Mexico and Canada, he believes prices for car parts would increase, leading to an uptick in the cost of insurance.
”The vehicle is more expensive; it takes more to repair it. Getting the parts in is more expensive, you know, a lot of companies passed that on to the clients in those instances,” said Farmers Insurance agent Jeff Wangen.
Ray’s Auto Body owner, Brian Williams, feels there’s a possibility the tariffs could impact prices for car parts as well.
”It depends on whether or not companies fight back and they raise tariffs. If we’re gonna charge tariffs coming in, how are they gonna raise our tariffs, has that gonna affect our pricing? But the other side of it is that, if his (Trump) plan truly works where companies start manufacturing more cars, more parts in the United States, then those potential parts could actually drop in price,” said Williams.
Williams believes the tariffs are a good thing as it could potentially bring more manufacturing to the U.S. and cut the time they have to wait for parts.
See a spelling or grammatical error in our story? Please click here to report it.
Do you have a photo or video of a breaking news story? Send it to us here with a brief description.
Copyright 2025 KOTA. All rights reserved.
