Former President Donald Trump recently made a daring promise: if he’s elected president again, he’ll cut your auto insurance rates in half. But not everyone appears to be buying it and numerous wonder how he plans to make that occur.

Trump’s claim came via a social media post where he said, “Your Automobile Insurance is up 73% – VOTE FOR TRUMP, I’LL CUT THAT NUMBER IN HALF!”

The considered saving so much money on something as essential as automotive insurance sounds great, especially with the cost of living increasing. Nonetheless, many experts are scratching their heads over where this 73% figure came from since it doesn’t match any recent data.

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Economist and insurance specialist Robert Hartwig told Insurance Journal that although rates have gone up, they haven’t increased as much as Trump has claimed. Hartwig claims that while the 73% increase is consistent with September 2016 rates, it doesn’t reflect current trends. Really, rates have increased by 16.5% throughout the last yr – an enormous increase but nowhere near 73%.

Hartwig and others stress that insurance rates are regulated on the state level, not by the federal government. For this reason even when Trump were president, he wouldn’t have the choice to cut insurance rates in half. As an alternative, he’d must get 50 state insurance commissioners to comply along with his plan – a tall order.

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

On X and other social media web pages, many individuals are skeptical about Trump’s promise to cut auto insurance rates in half, wondering how he could possibly make such an enormous change occur.

One user mocked the feasibility of Trump’s plan by tweeting, “That’s awesome! We won’t wait to see your plan to perform this in your first week back on the job!” Others highlighted the irony of his proposal with a comment that read, “Seems like communism!” given Trump’s past criticism of comparable ideas from Democrats.

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

On the other side, Suze Orman, a widely known financial expert, offered some practical advice recently. She suggested that customers shop around for higher deals, raise their deductibles within the event that they’ve enough savings and even consider owning fewer cars.

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This text Donald Trump Says He’ll Cut Your Automobile Insurance In Half. People Push Back And Ask Him If He’ll Use Government Price Controls To Do It originally appeared on Benzinga.com

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