Donald Trump says he’ll cut your car insurance in half. People are pushing back and asking him if he’s going to use government price controls to do that

Former President Donald Trump recently made a bold promise: If he’s re-elected president, he’ll cut your car insurance rates in half. But not everyone is buying it, and many are wondering how he plans to do it.

Trump’s claim came via a social media post where he said: “Your car insurance went up 73% – VOTE FOR TRUMP I’LL CUT THAT NUMBER IN HALF!”

The idea of ​​saving so much money on something as essential as car insurance sounds great, especially with the rising cost of living. However, many experts are scratching their heads where this 73% figure comes from, as it doesn’t match any recent data.

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Economist and insurance specialist Robert Hartwig told Insurance Journal that while rates have gone up, they haven’t gone up as much as Trump has claimed. Hartwig argues that while the 73% increase is consistent with September 2016 rates, it does not reflect current trends. In fact, rates have risen 16.5% over the past year – a significant increase, but nowhere near 73%.

Hartwig and others point out that insurance rates are regulated at the state level, not the federal government. This means that even if Trump were president, he could not cut insurance rates in half. Instead, he would have to get 50 state insurance commissioners to agree to his plan — a tall order.

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Insurance industry experts say capping rates would hurt consumers in the long run, as Trump suggests. If insurers were forced to drop rates drastically, they would probably stop providing coverage altogether because they couldn’t afford the costs.

On X and other social media sites, many people are skeptical of Trump’s promise to cut auto insurance rates in half, wondering how he could make such a big change.

One user mocked the feasibility of Trump’s plan, tweeting: “This is awesome! We can’t wait to see your plan to make this happen in your first week back at work!” Others pointed out the irony of his proposal with a comment that read: “Sounds like communism!” given Trump’s past criticism of similar ideas from Democrats.

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Trump’s promise has led some to compare his plan to government price controls, which are widely criticized for creating more problems than they solve. When Kamala Harris suggested capping prices in grocery stores, Trump himself blasted her proposals as “socialist” or “communist.”

On the other hand, Suze Orman, a well-known financial expert, recently offered some practical advice. She suggested consumers look for better deals, raise their deductibles if they have enough savings or even consider owning fewer cars.

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This article, Donald Trump says he will cut your car insurance in half. People are pushing back and asking if he will use government price controls to do this originally appeared on Benzinga.com

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