Louisiana automobile insurance rate hikes lower this year
BATON ROUGE, La. (AP) — Louisiana’s insurance commissioner says the state’s auto insurance market may be stabilizing, with a smaller rise in premiums expected this year compared with prior years.
Insurance Commissioner Jim Donelon says Louisiana’s auto market has seen a 2.1 percent average increase in rates this year. The Advocate reports that he said that’s about half the amount of increase midway through last year.
In 2017, rates climbed by 8.7 percent for the full year.
Louisiana has some of the highest auto insurance rates in the country, with sharp upticks in premium costs for the past five years.
Donelon says rates have risen because of increases in crashes and insurance claims, along with greater expense in repairing vehicles as technology gets more sophisticated. He also cited high litigation rates involving auto accidents.
Information from: The Advocate, http://theadvocate.com