Auto tariffs could make cars more valuable to thieves
Walk outside one morning and all you may find left of your car is smashed window glass. Insurers say that one consequence of President Trump's proposed tariff on imported automobiles and automotive parts, in addition to increased car prices, could be an upsurge in vehicle thefts -- and hikes in auto insurance premiums.
The reason: if car parts become harder and costlier to obtain, then thieves, chop shops and black marketeers will steal more automobiles. Auto thefts have already risen nearly 12 percent over the last three years, with the biggest jump -- 6.6 percent -- occurring in 2016 alone. And once thieves take hold of your Toyota Camry or Honda Accord, their blow-torches and crowbars will go to work.
"The cost of parts is a factor in the recent increase in thefts," says spokesperson Roger Morris of the National Insurance Crime Bureau (NICB). "If something increases the cost or affects supply and demand, then it's likely that thieves will take advantage."
And that "something" could be the proposed 25 percent tariff on imported car-repair parts, according to the almost universally held opinion of property-casualty insurers. Last week's joint statement to the U.S. Department of Commerce by the American Insurance Association, the National Association of Mutual Insurance Companies and the Property-Casualty Insurance Association of America pointed out that 60 percent of the automotive parts used in this country are imported, including both domestic and international models.
https://www.msn.com/en-us/money/markets/auto-tariffs-could-make-cars-more-valuable-to-thieves/ar-BBLfhoA?li=BBnbfcN
Brilliant!
