Trump administration tariffs are creating price hikes for imported vehicles, auto parts, and even automobile insurance. 

These cost increases are leading more people to consider money-saving, low-pollution e-bikes as an alternative form of transportation. Upway is helping many people embrace the e-bike lifestyle and save money on their daily commutes.

What is causing the insurance price increases?

The New York Times reported that the new tariffs may raise insurance premiums by 16%. That equates to nearly $400 more per year on average nationally. 

Automobile insurance costs are rising due to inflation, insurer losses, and costlier car parts when repairs are needed. When vehicles cost more to repair, there is a ripple effect on insurance prices.

According to the American Property Casualty Insurance Association, as cited by Bloomberg, approximately 60% of auto shop repair parts come from Mexico, Canada, and China. These parts are now subject to higher tariffs, and the increased costs get passed along to car owners. 

Meanwhile, there have been more auto insurance claims due to damage from extreme storms and hail, worsening driving habits, and other factors. Overall increases in claims result in higher insurance premiums for everyone, as the insurance companies must pay to resolve more claims.

Why is affordable transportation important?

The costs associated with the average driver's commute are going up and making traditional car ownership unaffordable. 

If drivers cannot afford insurance for their vehicles, they would have to drive uninsured. Not only is auto insurance legally required in nearly every U.S. state, but it also protects drivers from even higher costs in the event of an accident, damage, or theft. 

Transportation must be affordable for people to live their lives and fulfill their daily obligations. Fortunately, there are many ways to run errands, get to work, and travel the world without owning a traditional car.

Public transportation is an affordable option in many communities, as well as walking, biking, and using an e-bike. Not only will you save money with these options, but you'll get more exercise and fresh air while generating less planet-overheating pollution.  

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"The exact amount you can save by riding an e-Bike depends on many variables, but some estimates place the number around $5,000 per year!" Upway reported. "Considering only fuel and maintenance costs, e-Bike users can still potentially save over $1,500 annually."

How e-bikes help drivers save money 

It's typically not required to have insurance for an e-bike. If you choose to insure it, the premiums are dramatically less than those of a car. 

Upway shared that, after you make your initial e-bike investment, you'll save money on frequent trips and daily commutes by not using a car. Many states have e-bike incentive programs to lower the purchase price, and Upway offers many e-bikes at up to 60% off retail prices. 

Instead of paying for gas, you'll charge your e-bike's battery with electricity. To lower these costs even further, you can charge your e-bike with solar panels at home. EnergySage can help e-bike owners compare solar installation quotes from trusted local installers to save on charging. 

Concerning fuel costs, gas-powered cars are around 68 times more expensive than e-bikes.

You'll also save money on operating and ownership costs with an e-bike when you choose this energy-efficient form of transportation that helps conserve Earth's natural resources. 

Then, when you're ready to upgrade your current e-bike, you can sell yours to Upway and use the proceeds to buy a new one. 

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