About 40 percent of Louisiana motorists — those with minimum liability automobile insurance — face higher bills beginning Jan. 1 when a new law that requires more coverage kicks in.
The two companies that write the most automobile policies in Louisiana — State Farm Mutual Automobile Insurance Co. and Allstate Insurance Co. — advised the state Department of Insurance that liability coverage costs will increase about 14 percent because of the higher mandatory limits.
Commissioner of Insurance Jim Donelon urged vehicle owners to shop now for insurance policies to get the best deal.
The rate increase does not mean the total policy cost will rise — only the liability portion, according to Insurance Department officials. The change does not involve other coverage such as collision and comprehensive.
No comments:
Post a Comment