Car insurance rates have plummeted since President Donald Trump took office and are now as low as $2,000 a year, according to a new analysis.
Car insurance policies cost an average of $3,800 to $4,600 per policyholder under President Trump, according a new report from the National Association of Insurance Commissioners.
The report, which tracks a group of roughly 4,000 auto and commercial insurance companies, says those rates were about 3% lower than before the first week of Trump’s presidency, when premiums started at about $2.20 per policy per month.
That rate has been around that level since June.
Under the new administration, rates dropped to around $1,600 a year in December.
Under Trump, rates have dropped to $1.50, according the report.
The decline in insurance costs has helped the auto industry, which has seen a drop in auto sales and a loss of about $3.7 billion in revenue.
In its annual report, the industry said that in 2017, about 7% of the U.S. auto industry lost business, according for the second-highest loss in the country.
Auto executives have said that the lower insurance rates will help drive down the cost of insurance policies.
Trump has vowed to bring down the auto insurance industry’s premiums, though it remains to be seen whether his administration will follow through on that pledge.
The White House declined to comment on the report, but a White House official said the administration is “very supportive” of the industry.