Page 22 - JUNE 2025

Page 22
Real Estate
By Jim KiNg NeWfouND iNsuRaNCe
There are, justifiably, a lot of conversations around the topic of Tariffs. Some are in favor, some are not. It is a highly charged political topic.
The argument in favor of Tariffs is that they can be used as leverage to get other countries to reduce the Tariffs on Ameri- can made goods that we want to export thereby rebalancing the Balance of Trade. The related theory is that using Tariffs to raise the price of foreign goods will bring manufacturing jobs back to the US. There is another argument that Tariffs will raise revenue that will be used to re- duce the enormous National Debt or perhaps be used for a Tax Cut.
One argument against the Tariffs is that they will not bring
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manufacturing jobs back to the US because our labor rate is still substantially higher than in most other countries so in that respect, they are not an effective tool. An- other argument is that using Tar- iffs to reset the Balance of Trade is the wrong tool and ineffective because it is really an issue of supply and demand.
The most compelling argu- ment against the Tariffs is that they are inherently inflationary. This argument warrants a more detailed look, particularly as it relates to the insurance indus- try. The focal point here is the
relationship the US automotive industry has to Canada and Mexico.
By now you have no doubt seen the advertisements from Ford touting that their vehicles are made in the US and there- fore and by extension are both providing US-based manufac- turing jobs and excluded from Tariffs. Don’t be surprised if you soon see other US manufacturers jumping on the bandwagon and promoting the same message.
While the message is true, it is only partially true. The vari- ous car manufacturers do indeed make cars in the US, that is, they assemble them in the US, but that is only part of the story. The reality is that many if not most of the component parts of a car, think bumpers, dashboards and even electronic harnesses are actually made in Canada and
Mexico.
If the US government moves
forward with the imposition of Tariffs on goods coming out of Mexico and Canada, the cost of parts to make cars will increase in lockstep with the new Tariffs. The Tariffs will without question increase the cost of new cars.
However, what is not being considered is the effect the Tar- iffs will have on everyone’s auto insurance.
If you are in an accident, the price of the parts to repair your car, now subject to the new Tariffs, will be extraordinarily more expensive. The insurance companies, responding to the substantial increase in the cost of parts to repair your car, will without question raise the premi- ums that everyone pays to offset the higher repair costs.
If you doubt that this will
happen, remember that the one truism about insurance is that insurance companies don’t lose money, at least not for long. Fur- ther, they are more than happy to share the pain with all their clients. So, when your policy re- news, whether you have had a claim or not is irrelevant. All in- surance companies will, without question, raise everyone’s pre- miums to offset their additional costs to repair cars.
At this point in time noth- ing is settled and the imposition of Tariffs, on whom and how much, continues to shift with the political winds. So, stay tuned, we could be in for a bumpy ride. Just know that your insurance premium will be affected one way or the other by the decisions made in Washington.
Please feel free to call us with any questions or concerns about your insurance coverages. We are happy to help. We are here to answer any questions. You can reach us at 603-744-5000 (yes, we do answer the phone) or email us at info@newfoundins. com
Alternatively, please visit our website www.newfoundins.com
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