Former President Donald Trump faced criticism from the insurance industry after asserting on social media that auto insurance rates have increased by 73% and promising to halve that figure if elected. Economists and industry leaders pointed out that Trump’s claim is unsupported by credible data, with many suggesting that the timeline and specifics of his figure remain unclear. Additionally, regulatory experts highlighted that auto insurance rates are primarily managed at the state level, casting doubt on Trump’s ability to implement such changes unilaterally. Rising costs in auto repairs, medical claims, and traffic incidents were identified as significant factors in the overall increase of auto insurance premiums.
