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“The situation has changed dramatically”: Doneron demands lower car insurance rates | Coronavirus
State Insurance Commissioner Jim Donnellon said Tuesday that automakers in Louisiana should follow Allstate and Gaiko’s lead in reducing rates.
“The situation has changed dramatically. The risk has been significantly reduced,” he said, driving following a home order issued by Governor John Bell Edwards, which restricted state-wide commercial activity and restricted state expansion. Mentioned the sharp decline in Coronavirus.
Donnellon commented shortly before Geico announced that he would “provide car and motorcycle customers a 15% credit due to policy updates between April 8 and October 7.” The average savings is $ 150 per car policy and $ 30 per motorcycle policy.
Geiko acted the next day Allstate announces Reduce premiums paid in April and May by 15%.
The move saved policyholders in all Louisiana states $ 13 million in total and said they could not force insurers to cut statutory interest rates.
Overall, the reduction in Allstate saved drivers $ 600 million nationwide, and the company estimated that Geico saved $ 2.5 billion in drivers nationwide.
State Farm and Progressive have said in a Tuesday email they are considering a rate cut.
Louisiana has the second highest car insurance rate in the country on average, which has been a hot political topic in the past year.
Baton Rouge-based group Real Reform Louisiana has been leading a national consumer group by asking insurance companies to give their savings to drivers.
“Reducing drivers means fewer accidents and soaring profits for insurance companies.”
LABI sought to promote a series of measures last year through the legislature. This makes it difficult for the injured to win awards to the insurance company. According to LABI, the action by then-Representative Kirk Talbot (R-River Ridge), known as tort reform, is to lower the auto insurance rate by tilting the scale away from a system that satisfies the lawsuit.
The Senate Committee broke this move, and two Senators who voted against the LABI-sponsored bill were defeated for re-election after a malicious business funding campaign.
Republican governor candidate Eddie Lispone promised to push for tort reform, but Edwards beat him slightly.
Edwards opposed law reform and supported lawyers in the trial who questioned that there was no direct evidence that the changes required by LABI would actually reduce auto insurance premiums. Lawyers say LABI’s approach is a smoke screen intended to deprive companies of the right to hold individuals to account for errors.
Senator Jay Renault (D-Alexandria) is backing measures supported by Edwards and Real Reform Louisiana, and Renault is mandating a reduction in premiums for widows, veterans, women and the poor. States.
LABI President Stephen Wagspac said that promoting tort control through Congress was a top priority for his organization.
In a text message Tuesday, Waguespack agreed with Donelon that the company needed to temporarily reduce rates.
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“Billing data facilitates interest calculations,” Waguespack said. “As claims go down, interest rates should go down. Similarly, as Congress passes tort reform, the number and size of frivolous claims will decrease, and interest rates will fall.”
Mr Talbot, a state senator, also said insurance companies should cut interest rates.
“That’s very appropriate, given what we all have experienced with the coronavirus,” he said.
With a 30% share, State Farm has the largest share in the Louisiana auto insurance market, followed by 10%, Geico 7.8% and Allstate 7.3% progressive.
“We know that car insurance policyholders are driving much less than expected,” state farm spokeswoman Gina Moss Fisher said in an email. “We are closely monitoring the loss trends in car insurance and considering how to consider this and how it is best to return value to car insurance policyholders. Will be decided on. “
In an email, Progressive spokesman Jeff Sibel said, “ We are looking for the best way to return premiums to our customers, reflecting the reduced exposure associated with reduced driving frequency during a pandemic. We look forward to implementing the plan soon. “
He also said that Progressive “promised not to cancel or renew customer indemnities for non-payment until May 15, expanding coverage for customers who temporarily provide food or medicine.”
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