MONROE, La. (KNOE) – Many vehicle insurance coverage firms in Louisiana have introduced that they’re reducing their charges on account of a lower in accidents in 2024.
In response to Forth Insurance coverage agent Taylor Reeves, charges have just lately dropped 2% in comparison with the two% enhance final yr and the 15% soar in 2023.
Louisiana Insurance coverage Commissioner Tim Temple says fewer accidents are only one motive for the drop.
“That’s, a portion of it, I don’t need anybody to assume that that’s the only real,” Temple mentioned. “That’s the one factor that we must be centered on is reducing the variety of accidents. There’s additionally price related, you realize the the bodily harm claims filed, the medical payments, the litigation prices. ”
Reeves additionally mentioned that new laws have been a driving power.
“Now, one of many payments that was handed is named no pay, no play,” Reeves mentioned. “It’s for uninsured drivers, people who don’t have insurance coverage. It raises the brink for what they will gather on. So the primary they gained’t be capable to gather on something when you don’t have insurance coverage on something as much as the first $100,000, you don’t get something. It’s raised from. Beforehand it was 15 and 25,000 that’s raised. So there’s you bought to have insurance coverage to have the ability to gather on the property harm or the bodily harm.”
“Policyholders want we wanted reduction, however the charges have simply began to shift down,” Reeves mentioned. “It’s going to be gradual. It’s going to take time, however every thing’s transferring in the proper course.”
Copyright 2025 KNOE. All rights reserved.
