As you are all very aware, the auto insurance market in Louisiana is in a state of crisis. We currently have the second highest rates in the nation, and businesses are leaving the state or going out of business entirely, because they can’t afford insurance for their commercial trucks.
Well that may change depending on the hearing today at 2 pm in the Senate Chamber.
Keep reading to see what you can do to lower Louisiana's Auto Insurance premiums!
The PIA of Louisiana has been hard at work to address this growing problem, and in fact has been working hard on the problem for a number of years.
This year may be the year where we as insurance professionals and as citizens can make a difference and affect change. The PIA has a seat at the table on the Auto Insurance Task Force and its voice has been heard loud and clear. Now is the time to act.
What Will This Hearing Be About?
The LFEI Auto Insurance Push Card, below, outlines many of the issues that have been identified as the root cause of the problem. Please be a part of the solution.
Would reduce the jury trial threshold to $5,000;
Would remove phantom damages (medical damages that don't really exist) from being considered by juries (collateral source);
Prevent exorbitant charges by doctors above a reasonable amount, to take advantage of patient’s pending claims or lawsuits;
Prevent the existence of insurance to pay for any award from being a consideration by a jury, by prohibiting direct actions against insurers (cases will be decided on the facts and merits, not based the existence or amount of insurance coverage available);
Mandatory rate review of auto insurance premiums by the DOI each year (for three years) to assure that any savings realized by these measure will be passed along to consumers;
Extend the Prescription period to 2 years so that lawsuits won’t be needlessly filed, just because an accident victim hasn’t fully recovered, and is not in a position to resolve the claim;
What Can You Do To Help?
We know the power of grassroots efforts - it is one of our association's greatest strengths! Let's speak up for Louisiana insureds - let's be a part of the SOLUTION to this auto insurance crisis in our state!
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