Statewide elections are six months away, so after ignoring Louisiana’s outrageously high insurance rates for the past three years, legislators are running for cover. Two study commissions have been created, one by the Governor and another by the Insurance Department, for the purpose of finding ways to lower the cost of auto insurance. So to be of help and having a bit of background in dealing with insurance issues, I have the solution. Don’t reinvent the wheel. Do one thing. Enforce existing laws.
On Tuesday, August 21, the Louisiana High Auto Rates Task Force held its first meeting at the Department of Insurance. The newly appointed task force was formed to look into high auto insurance rates in the State of Louisiana and make recommendations to the legislature for actions to lower rates. The 2018 Regular Session of the Louisiana Legislature passed a House Concurrent Resolution (HCR 47) and Senate Concurrent Resolution (SCR 55) urging and requesting the Louisiana Department of Insurance to assemble a task force to address the high cost of auto insurance during the 2018 Regular Session.
Year after year, Louisiana sits at the top of the list for the most expensive state in the nation for auto insurance. Insure.com just released a new study showing the Bayou State in a neck and neck race with Michigan to maintain it’s honor for average costs that tops $2000 a year.